The Real Deal New York

Legal technology firm signs for 100,000 square feet at 685 Third Avenue

December 14, 2012 04:00PM

Epiq CEO Tom Olofson and 685 Third Avenue

Amid a slow leasing market on Third Avenue, 685 Third Avenue has secured its third large tenant since TIAA-CREF purchased the property in 2010. Crain’s reported that Epiq Systems, a provider of technology services to clients in the legal profession, is near inking a deal for about 100,000 square feet.

The lease will give the company three floors inside the 31-story building, which totals 650,000 square feet. An unnamed source told Crain’s that taking rents at 685 Third are in the $50 a square foot.

Last summer, Salesforce.com inked a 100,000-square-foot lease at the building, which is located between East 43rd and 44th streets. Crain’s added that last year, an accounting firm named Marks Paneth & Shron, signed an 85,500-square-foot lease.

TIAA-CREF bought the building in 2010 for $190 million, then flipped a near-50 percent stake the following year — selling to Australia’s Future Fund Board of Guardians for $100.3 million. [Crain's]Zachary Kussin

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