NEW YORK CITY-Space at 780 Third Ave. is rapidly filling up with the completion of 12 lease transactions in the TIAA-CREF-owned building. The leases were completed by a team from JRT Realty Group, consisting of executive vice president Greg Smith, founder and president Jodi Pulice and associate Kate Pezzolla.
Smith tells GlobeSt.com that the rapidity of the transaction--12 leases in 12 days--signals the increase that has been seen in the Manhattan office market, with prime spaces drawing a premium.
“That was the fastest lease-up cycle for that many transactions,” Smith says. “We’ve been able to raise rents by $10 a square foot following all of these leases.” With these leases, which total 50,000 square feet, the building is currently 97% leased.
New tenants in financial services, like Baillie Gifford International and Fletcher Bennett Group, signed about half of the leases. “They run the gamut of insurance companies and financial firms,” Smith says. The remainder were expansions and renewals.
JRT and Cushman & Wakefield, its strategic alliance partner, are the 50-story building’s property managers.
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