search

The Real Deal Logo

Trending

Housing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsTides Equities faces three foreclosures in Fort WorthTides Equities faces three foreclosures in Fort WorthBillionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida moveChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosureChavin surrenders Loop office-to-resi play with deed-in-lieu of foreclosure
New York

Bain & Co. sublets 56,000 sf at 3 Times Square

From left: Grace Building at 1114 Avenue of the Americas, Bain chairwoman Orit Gadiesh and 3 Times Square
From left: Grace Building at 1114 Avenue of the Americas, Bain chairwoman Orit Gadiesh and 3 Times Square

Consulting firm Bain & Co. has subleased 56,000 square feet of its space at the Thomson Reuters building at 3 Times Square to Canadian bank Bank of Montreal. Bain will be moving to a nearly 100,000-square-foot space in Brookfield Office Properties’ Grace Building, at 1114 Sixth Avenue.

Sign Up for the undefined Newsletter

Bank of Montreal – which already has a presence at 3 Times Square — will pay Bain rents starting at $60 per square foot, according to CompStak.

Rents in the area range from the high-$50s per square foot to the mid-$60s per square foot in the area, CompStak’s research director Noam Shahar told the Wall Street Journal. Sublease tenants typically get a discount of up to 20 percent, but since the bank was looking for contiguous space, “it didn’t have many options,” he said. [WSJ, 2nd item] – Hiten Samtani