Durst Secures 58K SF Lease from Global Nonprofit
The world is coming to the Durst Organization’s 825 Third Avenue. At least one of the world’s best known nonprofit organizations.
The World Economic Forum leased 58,000 square feet at the Midtown East property, the Commercial Observer reported. The organization will occupy more than three full floors at the 40-story tower, signing a 15-year deal at the property.
The Switzerland-based organization will relocate its Manhattan offices from 350 Madison Avenue. The asking rent for its lease at the Durst property was $83 per square foot.
A Newmark team including David Falk, Robert Silver and Scott Brown represented the World Economic Forum in the negotiations, while the landlord was represented in-house by a team including Thomas Bow, Ashlea Aaron and Bailey Caliban.
Other tenants include health care investment firm Lorient, Japanese insurance group Tokio and law firm Slarskey.
In a statement, company president Jody Durst celebrated how a recent renovation is attracting tenants to 825 Third Avenue.
In 2022, JPMorgan Chase provided a $100 million loan to refinance the property. The loan helped to pay for a $150 million renovation of the building, which included updates to the facade, lobby and elevators, as well as the installation of smart windows.
Prior to the refinancing — and the pandemic — Durst was shopping the building, ultimately pulling it off the market in 2018. A year later, the building became vacant when Advance Publications’ long-term lease expired.
It’s been a relatively quiet few months for Durst. In May, the company sold a plot of vacant land at 136 West 44th Street in Times Square for $12.6 million. The buyer was a limited liability company tied to Asaf Dror.
Tenants inked a slew of deals in the third quarter, marking the fourth consecutive quarter with more than 10 million square feet of leasing, a feat last achieved in 2002, according to Colliers.
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