The Real Deal New York

Morgan Stanley to renew 400K sf lease at 750 Seventh Ave.

Asking rent at Fosterlane office tower in $80s per sf

April 27, 2015 04:45PM

750 Seventh Avenue

750 Seventh Avenue and Morgan Stanley’s James Gorman

Morgan Stanley is on the verge of renewing its more than 400,000-square-foot lease at FosterLane Management’s 750 Seventh Avenue office building in Midtown.

The financial services firm is expected to finalize the renewal soon, with asking rents at the 36-story tower reportedly in the $80s per square foot.

Morgan Stanley houses key divisions, including its wealth management business, at 750 Seventh Ave., according to Crain’s. The company has for years been rumored as a candidate to anchor new office towers at the World Trade Center and Hudson Yards.

Kuwaiti investment firm Fosterlane acquired the building from Hines for $485 million in 2011. Hines continues to manage the property. [Crain’s]Rey Mashayekhi