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RFR's 521 Fifth leasing quickly.

RFR Realty LLC has negotiated five leases amounting to more than 35,000 square feet of office space at 521 Fifth Avenue.

Royal Healthcare signed a new lease for 20,500 square feet, representing the entire third floor of the building. The firm is consolidating its two current offices at 420 Lexington Avenue and 630 Third Avenue, and is expected to move into its new location in December.

In separate transactions, Argent Trading and the Altman Foundation each signed new leases for full floors in the building's tower, which are approximately 5,800 square feet.

In addition, Dr. Jeffrey Pomerantz renewed his lease for a portion of the eighth floor and Pics Retail Networks signed a new lease for space, also on the eighth floor.

Richard Parley, senior vice president/director of leasing, and David Panzirer, vice president at RFR Realty, represented the owner, RFR Holding LLC, in each of the transactions. "We are very pleased with the tremendous interest our marketing effort has generated for 521 Fifth Avenue, said Parley. "We believe tenants recognize this property as a premier location and quality building. We currently have a limited number of full tower floors of 5,822 square feet and full base floors of 19,900 square feet available."

In April of 1999, RFR Holding LLC purchased the 40-story office property at 521 Fifth Avenue. Under the direction of RFR Realty, LLC, extensive plans are now well underway to transform this 40-story building, constructed in 1929, into a modern office tower complete with retail shops and upgraded amenities on the lower level, ground and second floors. RFR is spending approximately $4 million to re-design the lobby, renovate the interior elevator cabs and upgrade the building's operational systems.
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Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Dec 1, 1999
Previous Article:Time expands in Midtown lease.
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