Financial communications consultancy firm signs on in Midtown East -- due mostly in part to the building's creative tenants. Check it out!
By Gus Delaporte 7:30am
Integrated Corporate Relations, a financial communications consultancy, will relocate to 685 Third Avenue, The Commercial Observer has learned. The company has signed a 10-year lease for the entire 22,372-square-foot second floor at the East Midtown property.
Asking rent for the second floor space was $55 per square foot but ICR will pay starting rent of approximately $50 per square foot, according to data from CompStak. A listing on Agorafy indicates asking rent for the 22nd floor at the TIAA-CREF-owned building is $68 per square foot.
ICR will relocate its New York office from 825 Third Avenue, where the company signed a 10,804-square-foot sublease on the 31st floor in 2011, paying rent in the mid-$40s per square foot, according to CompStak’s data. The company operates additional office locations in Norwalk, Boston, Los Angeles, San Francisco and Beijing.
“The tenant was attracted to 685 due to its creative-type tenant roster, which includes Crain Communications and Salesforce.com, the efficiency of an open-office layout, and the recently completed lobby renovation,” said Zachary Freeman of CBRE, who represented the landlord, in an emailed statement. “Additionally, the second floor has a direct view into the newly built pocket park which includes a waterfall, living wall, seating and café.”
As reported by The Commercial Observer, Crain Communications signed a 58,527-square-foot lease at 685 Third Avenue in May. The deal, for the building’s ninth and 10th floors, carried similar rent to the ICR lease and will see the tenant relocate from nearby 711 Third Avenue later this year.
TIAA-CREF acquired 685 Third Avenue in 2010 and immediately set about redeveloping the 635,000-square-foot building, including renovating the lobby, entryway and vest pocket park.
Kevin Daly of Cushman & Wakefield represented ICR in the leasing transaction. A CBRE leasing team comprised of Mr. Freeman, Anthony Dattoma, Howard Fiddle and Paul Amrich represented the landlord.
ICR did not return requests seeking comment.