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Morgan Stanley to renew 400K sf lease at 750 Seventh Ave.
Asking rent at Fosterlane office tower in $80s per sf
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