by Brianna Crandall — June 4, 2014—Professional services and investment management firm JLL (formerly Jones Lang LaSalle) has been selected by Fortune 100 financial services organization TIAA-CREF as the exclusive office leasing agent and property manager for 685 Third Avenue, near Grand Central Terminal (Station) in New York City. The asset manager tapped the company to provide a full range of commercial office leasing and property management services for the 646,422-square-foot, Class A office building.
“The newly renovated building offers a terrific opportunity for a wide variety of tenants that need quality, centrally located Midtown office space,” said Matthew Astrachan, vice chairman. “The property’s redundant cores allow tenants to house more employees on each floor than other comparable buildings. This flexibility makes 685 Third Avenue an ideal location for expanding businesses looking to tap Manhattan’s unmatched labor pool.”
The JLL team plans to reposition the asset as Third Avenue’s most tenant- and broker-friendly address, providing a one-stop, full-service leasing and design/build process. The firm will assist TIAA-CREF by hiring a new team of third-party consultants led by LB architects; developing revised and scalable design standards for both turnkey and pre-built programs; and executing a high-energy, proactive brokerage effort.
TIAA-CREF acquired 685 Third Avenue, located between East 43rd and East 44th streets, in mid-2010 from a large pharmaceutical company. The asset manager fully renovated and repositioned the building as a multitenant office property. The effort, designed by Gensler, included a new lobby, new elevators, and the creation of a pocket park adjacent to the building.
Originally designed by Emery Roth & Sons, 685 Third Avenue was constructed in 1962. An addition to the office building was designed by Robert L. Bien and completed in 1974. The 31-story property offers more than 300,000 square feet of office space in the midrise and tower sections. Floor plates range from 22,692 square feet to 29,930 square feet on the second floor to the 15th floor; 6,912 square feet to 9,288 square feet on the 16th floor and 17th floor; 17,600 square feet to 19,000 square feet on the 18th floor to the 25th floor; and 13,600 square feet for the top six floors.
TIAA-CREF recently completed a number of leases at 685 Third Avenue, including The Tribune Co. signing a 10-year lease for 27,453 square feet on the 30th and 31st floors, the top two floors of the building; Decker Communications completing a five-year transaction for 5,449 square feet on the 18th floor; and Luke’s Lobster inking a deal for a new, ground-floor location—slated to open this summer—that opens up into the newly renovated park.
JLL is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2013, the New York tri-state team completed approximately 25.9 million square feet in lease transactions and oversaw a property and facilities management portfolio of 95.3 million square feet and an agency leasing portfolio of 67.0 million square feet.
Globally, JLL offers specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet.
