Tricadia Holdings, LP, Signs New Long-Term Lease for 15,325 Square Feet at 780 Third Avenue in Manhattan
Market Demand for First-Class Midtown Addresses Remains Steady
780 Third Avenue, New York
NEW YORK, N.Y., May 20, 2008 - Tricadia Holdings, LP, has signed a new long-term lease agreement for more than 15,000 square feet at 780 Third Ave., the Class-A trophy building in the heart of Midtown Manhattan. JRT Realty Group, Inc., represented the building owner, TIAA-CREF, in the transaction, which included 9,825 square feet on the entire 29th floor and a partial-floor lease for 5,500 square feet on the 22nd floor.
"Demand within Midtown for first-class addresses like 780 Third Avenue, which is a distinctive architectural fixture on the eastern Manhattan skyline, remains steady," said Jodi Pulice, founder and president of JRT, the buildings exclusive leasing agent and property manager. "Last year, 780 Third Avenue achieved the 100 percent-leased milestone and continues to attract the interest of large- and medium-sized businesses seeking to solidify their Manhattan-based presence."
The building's team of commercial real estate specialists is comprised of JRT's Pulice; Greg Smith, executive vice president; and James Clifford, associate, as well as Andrew Wiener of Cushman & Wakefield, JRT's strategic alliance partner.
"At TIAA-CREF, we approach real estate investments with a long-term view informed by fundamental sector and geographical analysis, as well as local market knowledge," said Steven Bither, director, real estate asset management, TIAA-CREF. "780 Third Avenue is a high quality property that will continue to achieve attractive risk-adjusted returns for our clients through proactive leasing and management."
Tricadia Holdings, LP, is a New York-based asset management firm focusing on fixed income credit arbitrage strategies relating to structured credit products. The firm currently manages more than $5 billion in assets.
Built in 1984 and prominently situated in the East Side District, 780 Third Avenue features a large urban tree-lined outdoor plaza; 154-seat terraced auditorium and seven conference rooms, available to tenants at no charge; advanced business communications technology; an attended lobby and concierge services. Column-free space offers tenants interior layout flexibility, and floor-to-ceiling windows provide unrivaled views and natural lighting. The 50-story property occupies the entire westerly blockfront between 48th and 49th Streets and is within a short walking distance to Lexington, Park Avenue South, and Madison and Fifth Avenues. There is a ground-floor convenience store and restaurant as well as retail shops occupied by Devon & Blakely and Ribot.
Currently, JRT is marketing floors 47, 48 and 49, totaling 23,650 square feet, which includes first-time availability of a duplex penthouse. Penthouse features include a windowed internal staircase, double-height 19-foot-plus ceilings on the 49th floor, abundant natural lighting and full views of Midtown Manhattan. The availabilities are slated for November 2008 possession.
JRT Realty is the largest commercial real estate services provider certified as a Minority-/Woman-Owned Business Enterprise (M/WBE) by the Womens Business Enterprise National Council; National Minority Business Council; New York City Department of Small Business; State of New York; State of New Jersey; and the Port Authority of New York and New Jersey; and Empire State Development (ESD). The firm provides leasing and asset management services at more than 150 buildings nationwide, exceeding 15 million square feet in key urban and suburban markets.
TIAA-CREF is one of America's largest institutional real estate investors, with an approximate $69 billion global portfolio of direct and indirect investments (3/31/08). TIAA-CREF originated its first commercial mortgage in 1934 and began direct investment in commercial real estate in 1947. Today, on behalf of individuals, public and private institutions in the U.S. and abroad, TIAA-CREF Global Real Estate directly owns over $25 billion (3/31/08) of primarily high-quality properties in the office, retail, industrial and multifamily sectors across the U.S., Canada and Western Europe. TIAA-CREF is a national financial services organization and the leading provider of retirement services in the academic, research, medical and cultural fields with more than $420 billion in combined assets under management (3/31/08).
