Troutman Sanders LLP has decided to relocate from the Chrysler Building to 875 Third Avenue. The international law firm signed a 15-year deal for 87,126 square-feet of commercial office space across floors 15-17 at the Class-A, 720,000-square-foot office high-rise.
Eastgate Realty, the building’s manager, and 875 Third Avenue LLC, the building’s owner, were represented by Paul N. Glickman, vice chairman, and Diana L. Biasotti, senior vice president, with JLL. The tenant, Troutman Sanders, was represented by Lewis Miller, vice chairman, and Kenneth Rapp, vice chairman, with CBRE Inc. Raymond Sanseverino, chairman of real estate, and Nichole Cortese, senior counsel, with Loeb & Loeb LLP provided legal services to ownership as part of the transaction.
Eastgate purchased the property in 2003, along with minority partner Miller Global Properties. In January of this year, Eastgate paid Miller $100 million for their 20% stake in the building and now Eastgate is the sole owner. The transaction valued the property, which occupies the full block front between East 52nd and 53rd streets, at around $475 million.
“This is one of Midtown East’s premier trophy office buildings,�? said Glickman. “Eastgate Realty’s commitment to continued upgrades within the building, most recently with a lobby and elevator renovation, makes the property even more attractive to a broad range of space users.�?
“Troutman Saunders is one of a number of law firms, professional services and financial services firms that have chosen to take space at 875 Third Avenue,�? said Michael Alter, president of 875 Third Avenue LLC.
JLL recently completed a lease for pharmaceutical research firm Analytica La-Ser International Inc. on the sixth floor and for management consulting firm McKinsey & Co. on the fifth floor at 875 Third Avenue, which is located between East 52nd and East 53rd streets.
Constructed in 1983, 875 Third Avenue was designed by Skidmore, Owings and Merrill LLP. The building is approximately 96 percent leased and has space available only the 29th floor. The penthouse suite offers 20-foot ceilings, and was customized to feature above-standard infrastructure, and highlight the space’s spectacular river and city views.
Image courtesy JLL