The Durst Organization’s building at 825 Third Avenue is no longer up for grabs.
The company was shopping the 40-story tower earlier in the year but has taken it off the market, according to Crain’s. Durst had hoped to find an investor to take over the office building and pay it rent but was unable to do so.
The investor would likely have needed to make tens of millions of dollars in upgrades to find new tenants.
The building should become vacant next year when Advance Publications’ long-term lease expires, and Durst should face competition for new tenants from vacant space at 875 and 805 Third Avenue.
A CBRE team led by Darcy Stacom was hired to market the building. A Durst spokesperson told Crain’s that they “did an outstanding job,” but “In the end, we decided to create the capacity to do it ourselves and to also maintain control of the asset.” [Crain’s] – Eddie Small