Columbus Nova, the US-based investment arm of the Renova Group, has signed a 17,284-square-foot lease for the entire 19th floor at 900 Third Avenue, enabling the firm to keep its U.S. headquarters in Midtown Manhattan.
International commercial real estate services firm Studley’s David Dusek, senior managing director, and Brad Wolk, managing director, represented Columbus Nova in the long-term transaction.
“Our client wanted to remain in Midtown but occupied its 14,000-square-foot space at 601 Lexington Avenue under a sub-sublease without the option to extend or expand,” noted Mr. Wolk. “While there were plenty of space options within Columbus Nova’s desired grid, we were able to achieve competitive economics at one of the premier Third Avenue addresses.”
The lease includes a tenant improvement package that Columbus Nova is using to build out its space. The company plans to take occupancy later this year.
The landlord, Paramount Group, was represented in-house by Jim Vandervliet and by David Kleiner and Doug Neye of Jones Lang LaSalle.
“We were able to offer Columbus Nova a long-term lease at fair market value with the superior accommodations of 900 Third Avenue, a property set to receive LEED designation early next year due to a rigorous capital investment by Paramount,” said Albert Behler, president & CEO of Paramount Group. “Columbus Nova was so impressed with Paramount’s tenant-focused approach thatthe company will also lease significant additional space at another Paramount building later this year. We are delighted to welcome them to our properties.”
Attorneys involved in the transaction were Joseph Ginsberg Esq. of Akin Gump on behalf of Columbus Nova, and Bernie Marasco Esq., in-house on behalf of The Paramount Group.
900 Third Avenue, a 42-story, 515,000-square-foot tower, is home to such prestigious tenants as Court TV, L3 communications, and Sumitomo Corp. of America, among others.
About Paramount Group, Inc.
Led by President & CEO Albert Behler, Paramount Group is a privately held and independently operated full service U.S. real estate company. Established in 1968, it is New York’s largest international real estate investment and management firm. The company presently owns over 12 million square feet of Class A office buildings in midtown and downtown Manhattan as well as in Washington,D.C., Arlington, Virginia and San Francisco. The firm is recognized as a leading eco-friendly landlord with the majority of its properties carrying an Energy Star Rating and many also receiving a LEED designation from the United States Green Buildings Council. Paramount Group is a founding member of The Greenprint Foundation, a global consortium of real estate firms seeking to reduce greenhouse gas emissions. See the rest of paramount’s portfolio at www.paramount-group.com.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.