A Fresh Take on CRE

Weekly Comp Digest: 1211 AoA, 1177 AoA, 135 East 57th




Legal Musical Chairs at 1211 Avenue of the Americas

Ropes & Gray, which has seven floors totaling over 277,000 SF at 1211 AoA has recently subleased the 40th floor / 42,435 SF to Zeichner Ellman & Krause for rent in the low $50s. Ropes' current rent for the space is in the $60s PSF. Last year Ropes unloaded the 32nd floor and subleased it to Grais & Ellsworth for starting rent in the high $50s. (Ropes' rent for the 32nd floor is in the $90s PSF, the result of a 2008 expansion.)







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Another Full Floor Leased at 1177 Avenue of the Americas

1177 AoA, which had 12 available floors last year is slowly filling up. We recently reported that Drinker Biddle & Reath took the 38th floor in the building.  Now Seer Capital Management is tripling its office size and taking the entire 34th floor, about 15,375 SQFT. Seer Capital will be paying rent is in the $70s PSF, which is similar to its current rent at 489 Fifth Avenue. (Asking rent for the 34th floor was $80 according to View The Space)







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Tangent Capital: Subleasing to Save at 135 East 57th

Tangent Capital will move out of 9 West 57th Street, where rents are among the highest in the city and instead sublease the 23rd floor at 135 East 57th Street for rent in the lower $60s. The sublessor at 135 East 57th ,Sansar Capital, is paying rent in the mid $80s for the 12,800 SQFT space. Other tenants in the building include Merriman Capital, which last year renewed on the 24th floor for rent in the mid $70s.







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