Avon Subleases Entire Sixth Floor of 777 Third Ave.
The subtenant, real estate firm Rose Associates, will relocate their headquarters from 200 Madison Ave.
NEW YORK CITY—The Manhattan shuffle continues as the city expands office space options with new construction and renovations. The real estate development and management firm Rose Associates has signed an eight-year sublease, moving their headquarters to 777 Third Ave., between E. 48th and E. 49th streets. The beauty products company Avon is the sublessor. The asking rent is $65 per square foot.
Rose Associates, as a subtenant, plans to immediately occupy the entire sixth floor, totaling 24,650 rentable square feet, with terms through June 2026. They are relocating from 200 Madison Ave., an office building located between W. 35th and W. 36th streets.
A Cushman & Wakefield team led by Dale Schlather, with Jonathan Fales, Michael Burlant, Heather Thomas and Greg Herman, and a team led by Michael Katz of ACTIO Corporate Asset Advisors represented Avon in the sublease transaction. Jeffrey Rosenblatt of Advisors Commercial Real Estate represented Rose Associates.
“This was a modern, turnkey office opportunity that perfectly fit the needs of the subtenant,” says Schlather. “Along with the space’s appealing open floor plans and flexibility, the building is ideally located in the heart of Midtown, one of the most transit accessible neighborhoods in Manhattan with Grand Central Terminal just a few blocks away.”
Built in 1964, the 39-story structure at 777 Third Ave. is owned by a joint venture of Travelers Insurance and the William Kaufman Organization, according to Real Capital Analytics. The LEED Gold certified building offers a full-floor, flexible layout. Avon has subleased 123,000 square feet at the property and has 98,600 rentable square feet of available space.
In February 2017, Avon announced its move from 777 Third Ave. to One Liberty Plaza, which also has the address 165 Broadway. Avon moved approximately 400 employees to occupy 91,000 square feet on two floors of Brookfield Properties’ 54-floor, black, glass tower in Lower Manhattan.
New York’s Empire State Development provided the company with assistance in moving downtown. This included the Excelsior Jobs Program tax credits to support Avon’s expansion.