The Real Deal New York

Newly renovated 747 Third lands five new tenants

May 17, 2012 02:00PM

Led by flexible workspace firm Regus, five new companies have signed leases totaling approximately 53,422 square feet at the recently renovated 747 Third Avenue office building, landlord William Kaufman Organization said today. A Jones Lang LaSalle team composed of Frank Doyle and Alexis Tener represented the building, which occupies the full block between East 46th and East 47th streets, in the transactions.

Regus signed a 15-year lease at the building on 28,478 square feet for its three-floor flagship business center, featuring a 5,000-square-foot multi-purpose office lounge. Richard Rosenhaus of Rosenhaus Real Estate represented Regus through the negotiations.

“Demand for co-working spaces is growing at an exponential rate,” said Michael Berretta, vice president of business development for Regus. “Whether you are a freelancer working from home or a corporate employee working remotely, individuals can now have immediate access to a professional co-working environment at street level with amenities and services previously unavailable in the city.”

New leases were also signed with Group Gorden for eight years on 3,930 square feet, Practical Law Company for nine years on the 11,219-square-foot 38th floor penthouse, Toppan Printing Company America for five years on 6,252 square feet and Advanced ICU Care for five years on 3,563 square feet. At least six companies at 747 Third Avenue renewed their leases, totaling 11,634 square feet with the landlord. The terms of the leases are not immediately available.

The new leases come after a multi-million dollar renovation of the building, which updated the entrance and lobby, and added new elevator cabs and common corridors. — Christopher Cameron