Univision expands to 195K sf at Fisher’s 605 Third Avenue

Univision expands to nearly 200,000 SF in Grand Central submarket!

Univision expands to 195K sf at Fisher’s 605 Third Avenue

November 06, 2013 03:48PM By Hiten Samtani
From left: Arnold Fisher, 605 Third Avenue and Univision CEO Randy Falco

From left: Arnold Fisher, 605 Third Avenue and Univision CEO Randy Falco

Spanish-language media giant Univision has expanded its presence at the Fisher Brothers’ 605 Third Avenue office tower to just under 195,000 square feet, a spokesperson for the landlord told The Real Deal.

The renewal and expansion deal, signed on Nov. 5, will see Univision remain in the building until 2028 and add about 19,000 square feet on the entire 14th floor of the 43-story, 1.1 million-square-foot tower in the Grand Central submarket between 39th and 40th streets.

Univision will now have the partial 10th floor, the entire 11th through 14th floors, as well as the entire 26th, 32nd and 33rd floors, according to leasing data from CoStar Group. Financial terms of the deals were not disclosed, but CompStak data from December 2012 provided to The Real Deal shows that Univision was paying rents in the mid-$50s per square foot for the lower floors and in the mid-$60s per square foot for the upper floors.

Fisher Brothers also signed law firm Davidoff Hutcher & Citron to a renewal and expansion deal that will see the firm expand to more than 25,000 square feet through 2030.

“Great companies seek out great space, and we’re pleased that Univision and Davidoff recognized the value of being in a world-class building that can serve their growing needs,” Ken Fisher, a partner at Fisher Brothers, said in a statement.

Fisher Brothers was represented in-house by Marc Packman on both the Univision and Davidoff deals, while CBRE’s Carl Eriksen represented Univision and Newmark Grubb Knight Frank’s Andrew Sachs and Ben Shapiro represented Davidoff. Eriksen, Shapiro and Sachs could not immediately be reached.

Other major tenants at the building include the nonprofit United Nations Populations Fund, which has over 130,000 square feet at the tower, according to CoStar, and financial firm Neuberger Berman Group, which has just under 272,000 square feet.

In July, real estate private equity firm Rockpoint Group entered a hard contract to take a 49.5 percent stake in 605 Third Avenue and another Fisher Brothers-owned tower at 1345 Avenue of the Americas for $550 million.

In August, Fisher Brothers was among the five developers subpoenaed as part of a state task force’s probe of favorable tax breaks given under the 421a abatement program. The building in question was 86 Trinity Place, the former home of the American Stock Exchange, which the developer bought along with a neighboring building for $150 million in September 2012, as The Real Deal reported.