The Real Deal New York

Consulting giant McKinsey takes 50,000 sf at 711 Third Ave.

In separate deal, firm’s subsidiary MIO takes 36,245 sf at Brookfield’s 245 Park

January 21, 2014 04:20PM
By Hiten Samtani

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From left: SL Green CEO Marc Holliday, 711 Third Avenue and McKinsey CEO Dominic Barton

From left: SL Green CEO Marc Holliday, 711 Third Avenue and McKinsey CEO Dominic Barton

McKinsey & Company is taking just under 50,000 square feet at SL Green Realty’s 711 Third Avenue, The Real Deal has learned. And in a separate deal, MIO Partners, a wholly-owned subsidiary of the global consulting powerhouse, inked a 36,245-square-foot lease at Brookfield Office Properties’ 245 Park Avenue.

McKinsey signed a 15-year deal for the entire fourth floor at 711 Third Avenue, a 580,000-square-foot office tower between 44th and 45th streets. The firm will pay rents starting in the low-$50s per square foot for the space, according to CompStak data.

SL Green was represented in-house by Howard Tenenbaum and Gary Rosen, according to a listing spotted on View the Space. It was unclear which brokers represented McKinsey, as the firm, which is headquartered at 55 East 52nd Street, could not immediately be reached for comment. SL Green’s director of leasing Steven Durels was unavailable for comment.

At 245 Park Avenue, the McKinsey-owned investment advisor firm MIO Partners signed a sublease deal for the entire 13th floor with French bank Société Générale. MIO will pay rents starting in the mid-$60s per square foot for the 36,245-square-foot space over a 15-year term, CompStak data show. A CBRE team led by Craig Reicher represented Société Générale, which is also looking to sublease the 12th floor of the building, according to a listing on real estate website Agorafy.

Reicher was unavailable for comment, and it was unclear who represented MIO in this deal.

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