The World Economic Forum, a non-profit organisation that promotes cooperation between the public and private sectors, will occupy more than three full floors at The Durst Organisation's property at 825 Third Avenue. According to an insider, the Switzerland-based organisation signed a 15-year lease for 58,131 square feet in the 40-storey Midtown office building last week.
The asking rent was USD 83 per square foot. The World Economic Forum will occupy the entire sixth to eighth floors of the building and plans to vacate its current premises at 350 Madison Avenue in the coming year.
Modern Workspace in a Prime Location
Matthew Blake, Managing Director of the World Economic Forum, stated that the new space would provide a flexible, modern workspace and a meeting place for colleagues, partners and the communities involved to support the organisation's work in New York and globally.
Newmark represented the non-profit organisation, led by David Falk, Robert Silver, Scott Brown and Dylan Weisman. The Durst Organisation was represented in-house by Thomas Bow and Ashlea Aaron. Newmark declined to comment on the transaction.
Extensive Building Modernisation
The building at 825 Third Avenue, constructed in 1969 and located at the corner of East 50th Street, recently underwent extensive renovation costing USD 150 million. Jody Durst, President of Durst, emphasised that following the renovation, prime companies and organisations are establishing themselves at 825 Third Avenue.
- —Lorient, a healthcare investment firm
- —Tokio, a Japanese insurance group
- —Slarskey, a law firm
