JLL has announced two new transactions totalling 42,378 square feet at Global Holdings Management Group’s 875 Third Ave., a Class A office tower located between 52nd and 53rd streets in Manhattan.
New York Compensation Insurance Rating Board (NYCIRB), a non-profit association of insurance carriers that underwrites the state’s workers’ compensation insurance coverage, will relocate from 733 Third Ave. to occupy 30,166 square feet across the entire eighth floor of the Class-A tower under a 20-year lease.
In the second deal, alternative investment manager Aetos Capital has signed an eight-year expansion and renewal at the property for 12,212 square feet of space. A tenant since 2018, previously occupying 4,377 square feet, Aetos will expand by 7,835 square feet to a new prebuilt on the 22nd floor.
The transactions bring 875 Third Ave. to 98% occupancy, distinguishing the tower as a stand-out in the Third Avenue corridor, which has underperformed the rest of the market. Its roster of high-profile tenants includes global investment companies Cerberus and DWS, and the law firms of Troutman Pepper, Epstein Becker & Green, and Kaufman Borgeest & Ryan, which relocated to the property last year following a renovation of the building’s three-story lobby atrium. It is also home to Scotland-based global investment company Abrdn, which relocated its New York office to the Forum at 875 Third, a unique-to-market facility on the fourth floor that provides fully furnished and wired space at flexible terms.
A JLL team led by vice chairman Paul N. Glickman, senior vice presidents Diana L. Biasotti and Kristen E. Morgan, and associate vice president Harrison G. Potter, represented ownership in the transactions. The association was represented by a Savills team that included vice chairmen Jeffrey Peck and Daniel Horowitz, executive managing director Roi Shleifer, and managing director Jacob Stern. Horowitz also represented Aetos Capital in its renewal. Asking rents in the building range from $65 to $75 psf.
According to Glickman: “NYCIRB’s arrival and Aetos Capital’s expansion at 875 Third bring the building to 98 percent occupancy and highlights ownership’s commitment to maintaining the property as a best-in-class office tower that supports leading corporate occupants seeking to attract and retain skilled employees.”
Originally developed in 1982 by Robert Gladstone, 875 Third Ave. is a 14-sided, 29-story, 750,000-square-foot, glass-clad office tower. The property boasts a unique design that creates double-height ceilings on some floors. Global Holdings recently welcomed creative salad company Chopt as a tenant within its renovated lobby atrium, joining the likes of I Tavolo and Nare Sushi. The atrium also offers direct connection to multiple subway lines, allowing for direct transit to Grand Central, Penn Station and Port Authority.
Jeremy Attie, president and CEO of NYCIRB, commented, “Global Holdings Management Group stood out to us as a discerning owner from the very first tour; they have worked hard to ensure 875 Third remains a premier address in New York’s corporate heart, and we look forward to having many successful years ahead in our new HQ.”
Craig Panzirer, senior vice president and director of leasing, Global Holdings Management Group, said: “We are delighted NYCIRB has chosen to relocate to a turnkey space in this strategically located tower where the association will flourish within a modern, new headquarters – and we are also so glad that Aetos, in today’s competitive market, chose to expand and extend its relationship with us.”
JLL continues to market space within Forum at 875 Third, which offers flexible leases for fully furnished and wired pre-built offices ranging in size from 4,800 to 6,800 square feet square feet, all opening into a 6,000-square-foot central amenity space available only to tenants on the floor. The amenity space, which creates a dynamic addition to the individual offices, features lounge seating, conference facilities, huddle rooms, recreation areas, and a pantry. Forum’s office suites come move-in ready with ergonomic furniture, abundant natural light, high-speed internet and HID Access that allows tenants to use their smartphone to interact with the building.
