Ackman-Ziff Real Estate Group is swapping one SL Green Realty building for another after signing a 19,000-square-foot lease for a new headquarters at 711 Third Avenue.Behind the story:
The 10-year deal gives the real estate finance brokerage the entire 11th floor of the 20-story, 546,000-square-foot Midtown building, located between East 44th and East 45th streets. Ackman-Ziff will relocate from another SL Green building at 110 East 42nd Street, between Park and Lexington avenues, where it currently leases around 18,000 square feet on the 10th floor.
Asking rent at 711 Third Avenue is $65 per square foot, according to the New York Observer. Tenants in the building include Niche Media Holdings, Children’s Aid Society and Chicago Title Insurance.
SL Green has renovated 711 Third Avenue’s lobby while installing new bathrooms and elevator cabs in at the property. The landlord previously put its stake in the building up for sale in 2011 before taking it off the market three months later. [NYO] – Rey Mashayekhi