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News release

NEW YORK, NY

Jones Lang LaSalle Leases 52,324 SF at 2 Buildings for Sage Realty in New York

Firm inks 3 new deals, 1 expansion at 777 Third Avenue; 2 new deals, 1 lease extension at 747 Third Avenue for Sage Realty Corp.


NEW YORK, December 11, 2013 — Jones Lang LaSalle and Sage Realty Corp. have completed seven transactions, totaling 52,324 square feet, at 747 Third Avenue and 777 Third Avenue. Sompo Japan Insurance Co. and Morelli Alters Ratner PC each leased 13,055 square feet, Retrophin Inc. expanded by 3,445 square feet and Lascaux Resource Capital LLC signed for 2,096 square feet at the Class A, 575,985-square-foot 777 Third Avenue. Phillips & Paolicelli LLP took 8,263 square feet, JSB Partners LLC signed an extension for 7,105 square feet and BCMS Corporate leased 5,305 square feet at the Class A, 403,469-square-foot 747 Third Avenue.

The building owners, The William Kaufman Organization Ltd. and The Travelers Cos. Inc., were represented by Frank Doyle, vice chairman; Cynthia Wasserberger, managing director; Alexis Tener Petrus, senior vice president; Jonathan Schifirin, senior vice president; and David Wassel, associate, all with JLL. The team worked closely with Michael Lenchner, vice president and director of leasing, with Sage Realty.

“The Third Avenue corridor has experienced a tremendous increase in leasing activity over the past quarter, despite area rents pushing $70 per square foot,” said Doyle. “Tenants continue to appreciate the value of office space on Third Avenue, especially when compared to similar space in other Plaza District buildings. The seven deals we completed at 747 Third and 777 Third avenues demonstrate that the market has responded very well to the high quality of the product offered at both buildings."

“It’s been the best of both worlds recently, with so many existing tenants renewing their leases, and equally rewarding, receiving such a great response to our high-end pre-built spaces and turnkey installations, which are offered at both of our towers,” said Lenchner. “We look forward to continuing this leasing momentum in the months ahead.”

Sompo Japan Insurance inked a lease for 13,055 square feet and will occupy the entire 24th floor at 777 Third Avenue, which is located between East 48th and East 49th streets. The insurer previously occupied a portion of the 28th floor at the building. Sompo Japan Insurance was represented by Kunihiko Otomo, corporate managing director, with Studley Inc.

Morelli Alters Ratner completed a lease for 13,055 square feet and will occupy the entire 31st floor at the building. The law firm is relocating to 777 Third Avenue from 950 Third Avenue. Morelli Alters Ratner was represented by Ivan Hillman, senior vice president, with CBRE Inc.

Retrophin signed a lease expansion for 3,445 square feet and will continue to occupy a portion of the 22nd floor at 777 Third Avenue. The biopharmaceutical company expanded into space located adjacent to its existing offices. Retrophin was represented by Sage Realty in-house.

Lascaux Resource Capital inked a lease for 2,096 square feet and will occupy a portion of the 25th floor at the building. The hedge fund is relocating to the building from 320 Park Avenue. Lascaux Resource Capital was represented by Scott Klau, executive vice president and principal, and Zach Weil, associate, with Newmark Grubb Knight Frank.

Phillips & Paolicelli inked a lease for 8,263 square feet and will occupy a portion of the sixth floor at 747 Third Avenue, which is located between East 46h and East 47th streets. The law firm is relocating to the building from 380 Madison Avenue. Phillips & Paolicelli was represented by Arthur Draznin, executive managing director, with Newmark Grubb Knight Frank.

JSB Partners completed a lease extension for 7,105 square feet and will continue to occupy a portion of the 15th floor at the building. The executive search firm was jointly represented by Richard Plehn, senior managing director, with Colliers International, and Marc Nevins, associate, with Cushman & Wakefield Inc.

BCMS Corporate secured a lease for 5,305 square feet and will occupy a portion of the 27th floor at 747 Third Avenue. The leader in the sale of privately owned companies is relocating to the building from 30 Broad Street in Lower Manhattan. BCMS Corporate was represented by Michael Greenberg, CEO and general counsel, with Level Group Inc.

JLL is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2012, the New York tri-state team completed approximately 23.8 million square feet in lease transactions, arranged capital markets transactions valued at $1.57 billion, managed projects valued at nearly $7.0 billion, and oversaw a property and facilities management portfolio of 102.1 million square feet and an agency leasing portfolio of 76.0 million square feet.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.