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Brokerage
Posted: March 24, 2020
Cohen, Pavone and Verdi of Colliers secure 20,000 s/f sublease for Levy Konigsberg LLP at 605 Third Ave.
Manhattan, NY Colliers International Group Inc. completed a 20,000 s/f sublease for law firm Levy Konigsberg LLP, at 605 Third Ave. The space was previously occupied by Univision. The firm is relocating from 800 Third Ave.
The transaction was brokered by Colliers Tri-State president Michael Cohen, senior managing director John Pavone and associate Jessica Verdi. Carl Eriksen, James Ackerson and James Einstein of CBRE represented the sublandlord, Univision.
The Cohen-led Colliers team was able to secure favorable terms, brokering a concession package and rent in the transforming submarket.
The class A, 1.1-million s/f 605 Third Ave. is owned by Fisher Brothers and was originally constructed in 1963. The property underwent a $25 million capital improvement program including new elevators, security systems and a David Rockwell designed lobby, as well as tenant amenity space operated by Convene, which includes a gourmet café and a terrace with lounge seating.
“We were thrilled we could complete this transaction on behalf of Levy Konigsberg,” Pavone said. “We were able to secure a deal with favorable economic terms on a tower floor within one of Third Ave.’s premier trophy assets and the existing pristine installation allowed L+K to relocate without spending a significant amount of capital to develop the space.”
The nine-year sublease also allows Levy Konigsberg LLP to take advantage of an existing installation, which features panoramic views, an on-site garage and close proximity to Grand Central Terminal and the central Midtown and Midtown South business districts.
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