Revitalized Manhattan Office Tower Lands New Tenant
- Aug 01, 2017
Healthcare organization Hospital for Special Surgery signed a four-floor, 98,600-square-foot office sublease at 777 Third Ave., in Manhattan’s Midtown East neighborhood. HSS signed the sublease from beauty product manufacturer Avon until July 2026. HSS will relocate a part of its offices to the building’s second through fifth floors and remain in the space after the sublease expires.
Recently refurbished interiors
The 575,985-square-foot property is jointly owned by the William Kaufman Org., which recently signed new tenants at 437 Madison Ave., and The Travelers Cos. Inc. The building recently underwent a multimillion-dollar renovation that included a restored lobby clad in Italian Calacatta marble, new elevators and high-end technology, as well as safety and emergency systems. The 38-story, asset provides tenants with easy access to HSS’s main campus via FDR Drive, the Grand Central Terminal and multiple subways lines.
Sage Realty Corp. Vice President & Director of Leasing Michael Lenchner brokered the transaction on behalf of the owners. Colliers International’s Sheena Gobil and Brian Given represented the tenant. The asking rent for the new lease with the owner was some $70 per square foot.
“As HSS continues to expand, this new space in Midtown East will house certain non-medical staff to further allow us to strategically support clinical growth at our main campus,” HSS Chief Financial Officer Stacey Malakoff said in a prepared statement.
The building is occupied by tenants such as Starboard Value LP, Sompo America Insurance Services LLC, Hudson Bay Capital Management LP, SEI Investments Co. and ERG Property Advisors, to name a few. Retail tenants include HSBC Bank and LensCrafters.
Image courtesy of Yardi Matrix