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767 Third tenant expands ahead of sundeck, amenity overhaul.

The William Kaufman Organization (WKO) has signed a 10-year lease amendment with consulting firm Argot Partners for 7,450 rentable square feet of office space at 767 Third Avenue.

The 296,000 s/f building will soon boast a brand-new, $3.1 million amenity center and outdoor sundeck.

Argot Partners will relocate from a 4,293 s/f on the 29th floor to the entire 34th floor of the building, increasing its footprint by more than 3,000 s/f. The firm has been a tenant at the property since November 2014.

Michael Lenchner, vice president and director of leasing at Sage Realty Corporation, the leasing and management division of WKO, worked directly with Argot Partners and represented the ownership in-house in the long-term transaction. Asking rents at the property range from $66 to $76 per rentable square foot.

The relocation and expansion comes on the heels of WKO's ongoing, multi-million capital improvement program at the property, which is expected to be completed early third quarter of 2016.

Earlier in the year, WKO commissioned Fogarty Finger Architecture and landscape architect MPFP to transform a portion of the 7th floor into a unique "home away from home" for tenants of the building.

The amenity area will include a sundeck with landscaping and movable tables and chairs, as well as a new, original amenity for a Manhattan commercial office building--a dropdown movie screen.

In the warmer weather months, tenants of the building will be able to watch a movie on the sundeck, relax and enjoy views of the city skyline, all without leaving the office.

Inside, a state-of-the-art tenant lounge will be available for daily use by all tenants, featuring a communal meeting space, large boardroom, flat-screen TVs, couches and a kitchenette/pantry. According to Lenchner, "The Sage philosophy has always been guided by the realization that tenants spend as much time in their offices as they do in their homes, and therefore landlords should be attuned to tenants needs," Lenchner said.

"Our new amenity center, complete with a tenant lounge, sundeck and projection screen, offers a very different experience for Third Avenue, and the prospective tenants are responding positively to it."

Ownership has also completed an elevator modernization, upgrades to the lobby, common corridors and rest rooms, as well as the refinishing of the building's oak facade and tables and benches in the plaza area, which is known for its three-story high chess board.

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Title Annotation:LEASES; William Kaufman Organization; Argot Partners
Comment:767 Third tenant expands ahead of sundeck, amenity overhaul.(LEASES)(William Kaufman Organization)(Argot Partners )
Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Apr 13, 2016
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