Lease of the Week
The Lease Beat
It would have been easy for Lou D’Avanzo and his Cushman & Wakefield leasing team to rest on their laurels.
While Condé Nast’s million-square-foot lease at 1 World Trade Center last year has become a dominant emblem of downtown’s resurgence as a popular destination for office tenants, the C&W group’s lease-up of 77 Water Street has also etched its way into recent lore in the neighborhood.
CapitalSpring LLC is trading one of midtown’s priciest locations for Third Avenue. The company, a private equity and venture capital firm, signed a roughly 8,000 square foot deal at 950 Third Avenue for a portion of the 32-story building’s 11,500 square foot 24th floor.
Four deals at 950 Third Avenue leave the elegant office tower 95 percent leased, sources told the Commercial Observer.
Three tenants renewed leases, and a fourth tenant, Palatine Capital, inked a deal for 2,100 square feet at the slender 32-story tower, sources said. The leases accounted for more than 30,000 square feet.