A Fresh Take on CRE

NYC Weekly Comp Digest: Discounted Renewal at 527 Madison Avenue, Leasing Activity Continues at 757 Third Avenue

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Discounted Renewal at 527 Madison Avenue?   Long Pond Capital signed a lease for the 15th floor of 527 Madison Avenue. Long Pond's rent, starting in the mid-$80s PSF, is slightly higher than the rent paid by Meru Capital for the 17th floor of the building, despite the strong correlation typically evident between rent and floor number. The difference could potentially be explained by the fact the Long Pond Capital signed a new lease, while Meru's lease was a renewal. In the past year, direct renewals were paying starting rent at about 10% less than direct new leases in the Madison/Fifth Avenue submarket. The premium in effective rent was slightly smaller but still significant at about 8%. View other listings in the building atAgorafy.
388 Market
Capstone Takes 8th Floor of 30 Wall Street  
Capstone Executive Offices signed a lease for the entire 8th floor of 30 Wall Street. Capstone will pay rent in the mid-$30s PSF for the 10,886 SF space in the 10-year lease. The lease includes almost a year of free rent. Recent leases in the building include ActForex, who took 4,000 SF on the 12th floor of the building, with rent starting in the low-$30s PSF and a similar structure with lease term and free rent. To view the space, visit VTS.
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Leasing Activity Continues at 757 Third Avenue 
  Association of Magazine Media (MPA) and Train Babcock Advisors both took space at RFR's 757 Third Avenue. MPA signed a lease for 12,199 SF on the 11th floor, while Train Babcock leased 6,961 SF - the entire 27th floor. As expected, the rent for the lower floor will start in the mid-$50s PSF, while the rent for the 27th floor will be in the high-$50s PSF. Both leases have 10-year terms, and both companies will get about six months in free rent. The rents are in line with recent leases in the building, such as TEKsystems, which will be paying in the mid-$50s PSF for the 12th floor of the building, and Astoria Federal Savings and Loan Association, which will be paying rent in the high-$50s PSF for the 19th floor. To view other listings in the building, visit 42floors.