Greely of C&W and JRT Realty lease 9,425 s/f to State Bancorp

State Bancorp, Inc., has signed a lease agreement for 9,425 s/f of executive office space on the entire 16th floor of 780 Third Ave. in Midtown, according to Greg Smith, executive vice president of JRT Realty Group, Inc. This transaction renders the 50-story office tower 100% leased, with rental rates for 2008 being quoted at $110 per sq/f. "Although this asking rate has occurred in other areas of Midtown, namely the Park Avenue District, the fully leased status of 780 Third Avenue is a significant milestone because this trophy building rivals prominent office properties in some of Manhattan's most elite business districts," said Smith, who spearheads the leasing and property management team, which includes JRT's strategic alliance partner, Cushman & Wakefield. Harry Greely of Cushman & Wakefield and JRT Realty represented the tenant and building owner, TIAA-CREF, respectively. "This lease reflects a strong desire among many financial institutions for a central Midtown location, column-free office space, low-loss factor and full-floor occupancy," said Smith. " The combination of a short supply of desirable office product, coupled with little new construction, is driving asking rental rates for 2008 over $100-a record setting trend."