Biz mag to stay at 711 Third Ave

Real Estate Weekly, Feb 27, 2008

CB Richard Ellis has arranged a five-year, 100,000 s/f lease extension at 711 Third Avenue on behalf of the publisher of Crain's New York Business, Crain Communications. CBRE's David Hollander, Ken Meyerson and Ivan Hillman, senior vice presidents in the firm's Midtown office; and Mary Ann Tighe, chief executive officer of the New York Tri-State Region; represented Crain Communications in the transaction.

SL Green's Larry Swiger represented the landlord.

"We ultimately determined that extending Crain Communications' lease at 711 Third Avenue was the best option due to the building's premier Midtown location as well as the state of the current build-out of the floors," said Meyerson.

"After a comprehensive review of the short- and long-term alternatives available to Crain's, the renewal of the lease ultimately met all of the company's financial and operational goals.

"Additionally, we were able to secure further expansion rights to ensure that the building worked for Crain's through the end of its new lease term."

The 500,000 s/f 711 Third Avenue is home to office tenants such as Newport News, Parade Publications, Chicago Title Insurance Company and Ricoh Corporation, and retail tenants such as Bridge Kitchenware, Cort Furniture Rental and Independence Bank.