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New York

Outten & Golden takes 35K sf at 685 Third Avenue

Asking rents there are far below those at firm’s current 3 Park Avenue office

Wayne Outten3 Park Avenue 685 Third Avenue
From left: Wayne Outten, 685 Third Avenue and 3 Park Avenue

Law firm Outten & Golden will move from glitzy Park Avenue to a new, less-expensive home at 685 Third Avenue. But who doesn’t like saving money?

The company signed a 10-year lease to take 35,000 square feet at TIAA-CREF’s 550,000-square-foot Midtown East tower.

It plans to move from its current 3 Park Avenue office in the second quarter of 2016. Asking rents in that area rise into the $80s per square foot, whereas average asking rents at 685 Third Avenue register in the $60s per square foot.

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Cushman & Wakefield’s Michael Burgio and Daniel Organ brokered the deal for Outten. Matthew Astrachan of JLL represented TIAA-CREF in the deal.

The building is already home to Salesforce.com, which leased 100,000 square feet in 2013; Crain Communications, which took 57,000 square feet the same year; and the Global Compact, a nonprofit, which leased 27,000 square feet there last year.

Earlier this year, TIAA-CREF took a $190 million loan from MetLife for upgrades at the building. [Crain’s] – Ariel Stulberg

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