A Fresh Take on CRE

NY Weekly Comp Digest: AlphaSights Relocates to 229 West 43rd Street, Basswood Capital Signs for Eleven Years at 645 Madison Ave.




New Lease at 229 West 43rd Street

AlphaSights will relocate from 28 West 21st Street to 229 West 43rd Street. The global information services firm will pay rent in the mid $60s PSF for part of the fourth floor. Recently, Yahoo! signed a lease for floors nine through twelve of the same building for rent in the high $60s PSF. Check out more listings in this building on 42 Floors.







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Relocation and Expansion on Third Avenue

Hinshaw & Culbertson will relocate from the fourth floor of 780 Third Avenue to the 13th floor of 800 Third Avenue. The new space, at 20,010 SQFT, is almost double the size of the old 11,300 SQFT space. The law firm was previously paying rent in the mid $70s PSF, but it will now pay rent starting in the low $50s PSF for the new office. VisitVTS for a video tour of the building.







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High Rent and Big Concessions on Madison

Basswood Capital Management renewed its lease on the 10th and 11th floors of 645 Madison Avenue. The rent for the 14,000 SQFT space will be around $80 PSF, and the term of the lease is 11 years. Basswood's starting rent is significantly higher than the $69 PSF asking rent for other floors in the building. This discrepancy could be explained by the generous concession package in the deal, which includes over a year in free rent and $50 PSF of TI. Visit VTS for a video tour of the building.







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