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K2 Renews, Expands at 845 Third in NYC

Lease Caps More Than 100,000 SF in Recent Deals There
May 15, 2014
K2 Intelligence, an investigative consultancy group, has signed a long-term renewal and expansion totaling 55,440 square feet at 845 Third Ave. in New York City.

In December 2012 the firm merged with Thacher Associates, the construction and real estate leader in integrity monitoring and regulatory compliance. Thacher will join K2 in the building as K2 more than doubles its footprint there.

In addition to its current 25,000 square feet on the entire fourth floor, the tenant will take an additional 31,000 square feet with a combination of direct and subleased space, including 15,400 square feet subleased from Gerson Lehrman Group on the 13th, and 15,400 square feet on the 15th floor in a direct lease with Rudin Management.

Built in 1963, the 21-story, 358,553-square-foot, 4-Star office building sits on half an acre in Manhattan's Plaza District submarket, taking the easterly blockfront between 51st and 52nd Streets.

David Carlos, managing director with Studley represented K2 in the nine-year renewal and extension. This marks the third transaction Carlos has handled for K2 in just five years. Robert Steinman with Rudin Management Company represented building ownership in-house.

"With limited vacancy within the building, it was essential for us to work collaboratively with Rudin to create a long-term, cost effective solution," Carlos said. "The combination of direct and sub-leased space allows K2 to maintain their presence in a quality building while prudently managing its growth."

In separate deals, the Rudin Family has seen an increase in new and renewed leases signed at its fully-occupied Midtown East property.

Cohere Communications, a technology service provider, has taken 5,649 square feet of office space on the 16th floor for its new headquarters. Peter Gross of Williamson Pickett Gross represented Cohere in the seven-year deal.

SeniorBridge Family Companies, a prominent eldercare organization and long-term tenant in the building, has signed a five-year renewal and expansion, growing from 17,508 square feet on the seventh floor to more than 25,000 square feet with an additional 7,787 square feet on the 11th. Fernando Murillo of DTZ represented SeniorBridge.

The Sports Authority will remain in its 22,940-square-foot space on the second, ground, and basement levels of the building.

Robert Steinman again represented the landlord in the office leases, while Thomas M. Keating of Rudin Management represented the landlord in the retail lease with Sports Authority.

According to Bill Rudin, co-vice chairman and CEO of Rudin Management Company, the operating arm of the Rudin Family holdings, the flurry of leasing activity at 845 Third Avenue can be attributed to the NYC economy, convenient and desirable location, and the Rudin’s reputation as an owner. Rudin's portfolio now includes 16 office buildings totaling 10 million square feet in addition to 20 apartment buildings.

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