CBRE to Handle Leasing at Reimagined Manhattan Tower
- Jan 27, 2021
Nuveen Real Estate has retained CBRE to handle leasing at the recently revamped 730 Third Avenue building in Midtown Manhattan. Originally constructed in the 1950s, the vintage tower received a $120 million, Gensler-designed reboot. Taconic Partners acted as development advisor for the project.
Teachers Insurance and Annuity Association, the parent company of Nuveen, purchased the asset in 1973, for $13 million, CommercialEdge data shows. Located between E. 45th and E. 46th streets near Grand Central Terminal, the 27-story office tower holds roughly 665,000 square feet. The building’s first floor comprises nearly 20,000 square feet of retail space.
The improved property now offers a double-height lobby entrance on 3rd Avenue. A full-service amenity floor on the second story includes a 6,000-square-foot sky lounge, an 8,000-square-foot fitness center, a conference center and a 9,000-square-foot food hall. The 22nd floor is now home to a 7,000-square-foot landscaped outdoor terrace, also available for in-house tenants. The tower’s facade was upgraded with ViewGlass technology, which allows the app-controlled windows to automatically adjusts tinting, contingent on the sunlight.
According to CommercialEdge, the property underwent a cosmetic makeover in 2010. 730 Third Avenue is LEED Gold certified and is currently aiming for Wired Gold and Fitwell acknowledgements.
CBRE’s Vice Chairmen Paul Amrich and Neil King will spearhead leasing efforts, as the tower has 226,000 square feet of vacant space throughout stories 12 to 27. The available floorplates range between 8,500 and 30,000 square feet, decreasing on the higher levels. JLL’s Vice Chairman Patrick Smith and Associate Vice President Matthew Schuss will handle the leasing of 5,700 square feet on the retail floor.
TIAA will continue to be headquartered at the building, along with Nuveen. Together, their offices will occupy 300,000 square feet across floors 3 to 9. Last February, accounting firm Marcum LLP inked a 70,728-cquare-foot lease at the location. Around the same time, TIAA was selling half of its interest in a major European office venture to CBRE Global Investment Partners in a transaction valued at $682 million. Nuveen arranged the deal and continued to manage the portfolio.
Last week, L&L Holding’s 47-story skyscraper located less than a mile north at 425 Park Avenue, has entered its final stages of construction. The Norman Foster-designed tower received a temporary certificate of occupancy, following a challenging 15-year development process.