The Real Deal New York

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

December 02, 2013 12:05PM

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.

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

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