Law, Fintech and Asset Management Firms Take 22K SF at 825 Third Avenue – Commercial Observer
A trio of companies — environmental law firm Beveridge & Diamondfinancial technology advisors Liminal and investment manager Gotham Asset Management — took up a total of 22,054 square meters 825 Third Avenueaccording to the landlord Durst organization.
In the largest of the three deals, Beveridge & Diamond entered into a 12-year deal for 11,054 square feet on the entire 16th floor of the 40-story Midtown tower. Asking rent was between $90 and $95 per square foot, according to the tenant’s broker Zev Holzman of Savills.
The company plans to move from its current 13,822 square meter digs at 477 Madison Avenue early next year, and the new space will allow Beveridge & Diamond to fit its same offices in a smaller footprint, Holzman said.
“[Beveridge & Diamond] lays out its space more effectively; the space they were in was an older building, so it wasn’t the most efficient layout, says Holzman, who worked on the deal with his colleague. Gary Stein. “They also liked the fact that 825 Third Avenue was a new redevelopment, and they liked the amenity package that the building offers.”
Just above Beveridge & Diamond, financial technology advisor Liminal signed a deal for 5,500 square feet over half of the 17th floor, according to Durst. It is planned to move from the 11th floor in 215 Park Avenue South before the end of the year.
Liminal will be next door to the American equity fund investor Gotham on the other 5,500 square meters on the 17th floor, after Gotham moved from the 30th floor in 535 Madison Avenue in the next few weeks, according to Durst. Both Gotham and Liminal wanted to move into the building as soon as possible.
“For both Gotham and Liminal, we offer completely turnkey space that they can move right into,” Durst’s said Ashley Aaronwho represented the landlord internally in all three leases with Tom Bow, Lauren Ferrentino and Bailey Caliban, so. “They wanted to be in the building quickly and we were able to accommodate them.”
Both Liminal and Gotham’s leases were for about five years, according to a source with knowledge of the deals. Asking rents ranged from $78 to $98 per square foot, according to Durst.
Savills’ Brandon Cooperstock represented Liminal while First New York Realty‘s Erik Kahn brokered the deal for Gotham. Cooperstock, Kahn and spokespeople for Liminal and Gotham did not immediately respond to requests for comment.
Other tenants at the tower between East 50th and East 51st streets include National Bank of Egypt on the 34th floor and Toyota Group‘s US procurement operations Toyota Tsusho America.
Celia Young can be reached at [email protected].
