TIAA-CREF's Grand Central tower reaches 98% occupancy

Real Estate Weekly, June 6, 2007

JRT Realty Group, Inc. has announced seven lease signings totaling approximately 42,000 s/f of office space at the prominent 780 Third Avenue building in midtown Manhattan.

JRT Realty Group, along with its strategic partner Cushman & Wakefield, serves as the exclusive leasing and managing agent for the 50-story property, which is owned by the financial services organization, TIAA-CREF.

The lease signings include those for six new tenants: Corptax, LLC, a leading provider of corporate tax software, which leased 2,350 s/f; Dale Carnegie & Associates, Inc., which leased 10,000 s/f; The Gunma Bank Ltd., New York branch, which leased 7,910 s/f; Odakyu Department Store Co., Ltd., a part of the Japanese Odakyu Group, which leased 799 s/f; Townsend Analytics, Ltd., a software development and service provider for the financial services industry, which signed on for 7,671 s/f; and Jones Trading Institutional Services, LLC, a worldwide institutional brokerage firm, which will occupy 3,998 s/f..

In addition, Rencap Securities, Inc., the United States subsidiary of the Renaissance Capital international investment firm, moved its offices within the building for an expansion, signing a lease for 9,225 s/f.. These transactions bring the building to 98% occupancy.

"These lease signings are indicative of the desirability of this site," noted Greg Smith, executive vice president of JRT Realty. "It is a prime location, with first-class amenities and an award-winning design."

Located in the Grand Central District, on the corner of 49th Street and Third Avenue, the Class A office tower features a 154-seat terraced auditorium and seven conference rooms, available at no charge to tenants, as well as a landscaped street-level urban plaza. It also has column-free floor plates, allowing for virtually limitless customization of interior space.

"We are pleased to continue to work with JRT Realty and Cushman & Wakefield to secure high-quality tenants at our 780 Third Avenue property," said Mark Wood, managing director, Real Estate Asset Management, TIAA-CREF. "780 Third Avenue is an example of the type of properties in which we seek to invest, and, as a long-term investor, we are confident that this property, given its prime location in midtown Manhattan, will bring consistent value to our clients."