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685 Third Avenue

685 Third Avenue
New York, NY 10017
Office, Leasing/Rental
  • Address 685 Third Avenue
  • neighborhood Grand Central
  • borough Manhattan
  • owner entity T-C 685 THIRD AVENUE
  • floors 27
  • Year Built 1960
  • commercial units 57
  • total units 57
  • square feet 559,755
  • block and lot 1-01317-0001
  • BIN 1037555
  • Event Sales
  • Address 685 Third Avenue
  • Neighborhood Turtle Bay
  • Borough Manhattan
  • Square feet 651,429
  • Price $ 467,500,000
  • Price per foot $ 0.00
  • Publication Date 11/01/2017
  • Event Date 10/12/2017
  • Party 1 TH Real Estate
  • Party 2 Unizo Holding Co.
notes
The buyer acquired the building for $467.5 million.
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 27,000
notes
The sovereign states organization signed a lease on the 11th floor.
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 17,800
notes
The financial company signed a lease on the 21st floor.
  • Event Office Leasing
  • Address 685 Third Ave
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 13,683
  • Publication Date 06/01/2015
  • Event Date 04/22/2015
  • Party 1 TIAA-CREF
  • Party 1 Brokerage JLL
  • Party 1 Broker Don Kollar
  • Party 2 Chang Hwa Commercial Bank
  • Party 2 Brokerage First New York Realty
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 27,235
notes
The United Nations non-profit signed a lease to occupy the 12th floor.
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 22,372
  • Publication Date 11/01/2013
  • Event Date 09/22/2013
  • Party 1 TIAA-CREF
  • Party 1 Brokerage CBRE
  • Party 1 Broker Zach Freeman, Anthony Dattoma, Howard Fiddle
  • Party 2 Integrated Corporate Relations
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Kevin Daly
notes
The financial communications consultancy signed a 10-year lease for the entire second floor, the New York Observer reported.
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 58,527
notes
The publishing company signed a 15-year lease on the ninth and 10th floors. The tenant is relocating from 711 Third Avenue.
  • Event Office Leasing
  • Address 685 Third Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 74,349
notes
The enterprise cloud computing company signed a 10-year lease for the entire sixth and seventh floors, as well as part of the eighth floor. The tenant is relocating and expanding from a smaller, 16,350-square-foot space at 2 Grand Central Tower.
  • Event Sales
  • Address 685 Third Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Price $ 100,330,000
  • Publication Date 05/01/2011
  • Event Date 03/22/2011
  • Party 1 Pfizer
  • Party 2 Future Fund Board Guardians
notes
A 49.99 percent interest in the building sold for $100.33 million. TIAA-CREF purchased the property last year for $190 million.
  • Event Sales
  • Address 685 Third Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 500,000
  • Price $ 190,000,000
  • Price per foot $ 380.00
  • Publication Date 10/01/2010
  • Event Date 08/22/2010
  • Party 1 TIAA-CREF
  • Party 1 Brokerage CBRE
  • Party 2 TIAA-CREF
notes
The building closed for $190 million, or about $340 per square foot. In June, it was reported that more than a dozen bidders were vying for the property with prices hovering around $150 million. The closing price is approximately 27 percent higher than the offers.

09/01/2012
Salesforce.com, which provides computer cloud storage and services, signed a lease for 74,349 square feet at 685 Third Avenue, while British investment firm Rothschild North America relocated within 1251 Sixth Avenue, taking 69,418 square feet, Cassidy Turley data showed...

12/10/2010
Indeed, 11 deals above $100 million have closed or are under contract so far this year, compared with just three such deals last year, said Helen Hwang, an executive vice president in the New York Capital Markets Group at Cushman. Thor Equities' July deal for the Takashimaya Building at 693 Fifth Avenue for $142 million, and Rockpoint Group's purchase of a nearly 50 percent stake in Park Avenue Plaza on East 52nd Street for $335 million, are two major examples. Despite the renewed activity, the office market still faces many hurdles, including high unemployment, which hampers companies' need for additional office space. Investors want to park their money in premium neighborhoods, said Aaron Jodka, senior real estate economist at CoStar. "That's what they are willing to pay for," he said. The flight to quality neighborhoods, however, is resulting in a bifurcated market. Well-leased, well-located buildings are commanding high prices, but properties that aren't fully leased or properties that have too many leases rolling over in the near future are selling at discounted rates. The $190 million purchase of the 650,000-square-foot Pfizer building at 685 Third Avenue last month by retirement group TIAA-CREF is a case in point, said Jodka...