The Real Deal New York

TIAA-CREF inks two leases for 50K sf at Bryant Park building

Stantec Consulting Services and Kylin Management each signed 10-year leases at 475 Fifth Ave.
July 26, 2016 08:38AM

473-477 Fifth Avenue in Murray Hill

473-477 Fifth Avenue in Murray Hill

Two companies are taking nearly 50,000 square feet in TIAA-CREF’s Bryant Park building.

Stantec Consulting Services, a design consulting firm, signed a 10-year lease for 32,000 square feet on the seventh and eighth floors of 475 Fifth Avenue, the Commercial Observer reported. The company already has one of its New York offices on the 12th floor of the building, according to its website, but it’s not clear if it will keep that space. The asking rent for the new office was $79 per square foot, said Brian Waterman of Newmark Grubb Knight Frank, who represented the landlord in the deal.

In a separate deal, Kylin Management, an investment firm, is taking 15,400 square feet on the 11th floor of the 24-story building. The company currently has a smaller office nearby at 366 Madison Avenue. The asking rent for this space was $84 per square foot. Daniel Posy and Jason Roberts of Savills Studley TRData LogoTINY represented Kylin Management in the 10-year lease. Stantec was represented by Steven Rotter, Justin Haber and Brian Connolly of JLL.

TIAA-CREF bought the building in 2011 for $144 million. Last year, Pinterest signed a lease for 32,000 square feet across the entire fourth and fifth floors of the building. The space was the company’s first office in New York City. [CO]Kathryn Brenzel