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Weekly Comp Digest: 685 Third Avenue, One New York Plaza, 1745 Broadway

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Crain's Will Downsize and Relocate to 685 Third Avenue

Crain Communications will relocate from its 98,618 SQFT space at 711 Third Avenue to 57,119 SQFT at 685 Third Avenue. The publisher's average rent at TIAA-CREF's  685 Third starts in the $50s PSF and escalates to the $60s PSF over the 15 year period. Crain's current rent at SL Green's 711 Third is in the mid $50s PSF.

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One New York Plaza Gets First Post - Sandy Lease

National Futures Association will relocate from 120 Broadway to One New York Plaza. This is the first lease in the building since superstorm Sandy. NFA will pay rent in the low $40s, similar to neighbor Morgan Stanley, which signed one of last year's largest deals. 120 Broadway also saw an influx of leases in the past few months, with rents in the mid $30s.














Another Random House Sublease at 1745 Broadway

Centron signed a sublease with Random House for 27,775 SQFT on the entire 21st floor at 1745 Broadway. Centron will pay rent in the mid $40s PSF, similar to Merkle Group, which subleased the 23rd floor from Random House earlier this year. Average direct rents in the Columbus Circle submarket are approximately $54 PSF and average sublease rents are in line with the Centron deal, around $44 PSF.