The law firm Hodgson Russ has completed a significant lease extension for approximately 19,900 square feet (approx. 1,850 sqm) in the well-known office building 605 Third Avenue in New York City. The firm thus secured the continuation of its presence on the 23rd floor of the property managed by Fisher Brothers, strategically located between East 39th and East 40th Street. The signing took place in June.
Negotiations for the ten-year extension were conducted on the tenant's side by a team from Newmark, comprising Brian Cohen and Kyle Ciminelli. According to the landlord, Fisher Brothers, this is part of a series of new lease agreements in the building since April. The achieved rents reached up to US$120 per square foot.
In addition to Hodgson Russ, the 44-storey building recorded further significant transactions. Private equity firm Coalesce Capital extended and expanded its lease for approximately 16,900 square feet (approx. 1,570 sqm) on the 36th floor. This contract also runs for five years. Furthermore, investment firm Lionheart Strategic Management expanded in June, leasing an additional 6,400 square feet (approx. 595 sqm) on the 16th floor for a duration of ten years. Lionheart's exact total area after this expansion is not known. Both companies were represented in the deals by their respective in-house teams. Fisher Brothers declined to disclose the tenant-side representation, while the law firm Hodgson Russ was represented by Newmark. Clark Briffel heads the in-house representation for Fisher Brothers.
The ground floor retail spaces are also in demand. Starbucks, an established tenant, extended its contract for 1,800 square feet (approx. 167 sqm) in July for another ten years. David Firestein from TSCG acted for the coffee chain.
Overall, 130,000 square feet (approx. 12,000 sqm) of rental space on floors four, five, and six are still available at 605 Third Avenue. A team from CBRE, consisting of Howard Fiddle, Peter Turchin, Ben Joseph, Brett Shannon, Max Tarter, Zachary Price, and Natalie Chung, has been commissioned by Fisher Brothers to market these spaces.
