NEW YORK CITY-Accounting firm Marks Paneth & Shron hassigned for 85,460 square feet at TIAA-CREF’s 685Third Ave., marking the first significant longterm lease at thebuilding since the financial services firm bought the building fromPfizer for $190 million last year.

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MP&S is expected to move to the 600,000-square-foot,33-story office tower from current offices at 622 Third Ave. duringthe fourth quarter of 2012.

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Colliers International Tri-State Regionpresident Michael T. Cohen and vice chairmenAndrew Roos and Leon Manoffrepresented the accounting firm in the lease, while the landlordwas represented by Robert Alexander, Howard Fiddleand Zachary Freeman at CB RichardEllis.

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“This is the first long-term deal in the building, sinceTIAA-CREF bought it, and I think they wanted to start things on theright foot,” Cohen tells GlobeSt.com. “There is a lot ofuncertainty in the economic environment and they wanted to naildown a good tenant for base of the building and that’s what theydid.”

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Asking rents for the space were “mid-50s,” Cohen says. The firmis moving from space of comparable size at 622 Third Ave. But at685 Third it will enjoy significant upgrades that the financialservices firm is undertaking there, including a renovated lobby anda small publicly accessible park near the building’s entrance.

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A spokesperson for TIAA-CREF tells GlobeSt.com that severalfactors make the building attractive. “685 Third's marqueelocation, proximity to mass transit and customizable floor plansmake it an attractive location for many types of tenants,” thespokesperson says.

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As for MP&S, it will also receive “a substantial workletter,” for the space, Cohen says.

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