Manhattan, NY Cushman & Wakefield arranged a new long-term, 14,000 s/f office lease for Gallet Dreyer & Berkey LLP at 685 Third Ave. The law firm will occupy the entire 28th floor of the building, which is owned by Bentall Green Oak.
A Cushman & Wakefield team of Garett Varricchio and Mark Weiss represented the law firm in the transaction. Michael Montesi with Cushman & Wakefield’s Strategic Advisory Group also provided support.
“Gallet Dreyer & Berkey’s continued commitment to New York City reflects both the firm’s enduring roots and its ambitious future,” said Varricchio. “Securing a full floor with Bentall Green Oak for the next 12 years reinforces their belief in Midtown and Third Ave. as one of Manhattan’s most vibrant business corridors.”
Located between East 43rd and East 44th Sts., 685 Third Ave. is a 31-story office tower situated near Grand Central Terminal, offering tenants access to transportation. The building has undergone a complete renovation including a new facade, lobby and elevators as well as new HVAC and electrical upgrades.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,