NEW YORK CITY—RFR has hired EastdilSecured to market 757 Third Ave. following the GrandCentral District office property's successful repositioning. Theowner expects valuations of more than $800 per square foot on the500,000-square-foot property from potential buyers among theinstitutional and international investment communities, a ballparkfigure that would value it at upwards of $400 million.

Aby Rosen, RFR's co-founder and principal, says his company hastransformed 757 Third into “a compelling alternative for tenantsseeking quality space near Grand Central at competitive prices, andthereby enhanced asset value tremendously. At the same time, thereshould be further opportunity for new ownership to grow rents asleases roll.” He calls the repositioned tower “an outstandingproperty that should see significant interest from institutionaland sovereign investors.”

RFR paid $102 million to acquire the 27-story 757 Third fromEmmes & Co. LLC in 1999. Since then, it hasbeen re-made and re-tenanted, with $21 million spent on capitalimprovements since 2012. Within that same 24-month period, nearly400,000 square feet of new leases and renewals has been signed,including Grant Thornton's new long-termcommitment to 136,837 square feet earlier this year.