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Durst Org. signs 10 leases in January.

After a summer and fall of sluggish leasing, the Durst Organization has seen a dramatic increase in commercial leasing activity, sealing deals on 10 major leases in January.

Most recently, the Durst Organization closed a deal on 47,000 square feet of office space in the U.S. Trust building at 114 West 47th Street. The law firm of Gordon, Horwitz, Butowsky, Weitzen, Shallow and Wein took a 10-year lease on the 19th, 20th and 21st floors of the building, bringing it to 95 percent occupancy.

Cushman Wakefield brokers Tara Stacom and Thomas Bow represented the Dursts in this lease, while Barry Shaw of Sylvan Lawrence represented Gordon, Horwitz.

"The U.S. Trust building deal caps a month of very successful leasing," said Carl Teschemacher, Jr., a vice president at the Durst Organization. "We are seeing a promising turnaround in both office and retail space."

Other recent Durst Organization leases include:

* A 10-year lease of 14,000 square feet of retail space at 200 East 42nd Street to the Gap. This space formerly was rented to the last remaining Horn and Hardt Automat store

* A 10-year lease of 4,000 square feet at 725 Third Avenue to Le Cafe Restaurant, which formerly was located at 1177 and 1113 Avenue of the Americas, both Durst properties;

* A 10-year lease of 4,400 square feet of office space at 733 Third Avenue to American Appraisal Associates,

* A three-year lease of 1,800 square feet of office space at 655 Third Avenue to GCI Environmental,

* A 10-year lease of 5,600 square feet of office space at 655 Third Avenue to Frendal, Brown & Weissman,

* A three and one half-year lease of 6,000 square feet of office space at 675 Third Avenue to Goddard & Blum,

* A five-year lease of 3,000 square feet of office space at 675 Third Avenue to Horsburg Carlson Investment Management Inc.

Douglas Durst, executive vice president of the Durst Organization, also has announced that all but 1,800 square feet of the 14,000 square feet of space is leased in the new taxpayers on the Avenue of the Americas and 42nd Street, between 42nd and 43rd streets. In two other taxpayers on 42nd Street just west of the Avenue of the Americas, three available stores are expected to rent quickly now that the city has forced the owner of several derelict buildings to tear down the unsightly structures.

As a result of the recent leasing activity, Durst Organization space is 96 percent leased. Durst said: "We experienced a serious dip in the middle of 1991, but now our space is moving quickly."
COPYRIGHT 1992 Hagedorn Publication
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Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Date:Mar 4, 1992
Previous Article:Insurance agent leases at Newport Financial.
Next Article:Sublease becomes direct lease at 909 Third through Williams.

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