Mall owner Macerich is moving its New York office to a newly renovated tower on Manhattan’s East Side.
Macerich, based in Santa Monica, California, has inked a full-floor lease spanning 12,000 square feet at 825 Third Ave., between East 50th and 51st streets, landlord the Durst Organization said Wednesday in a statement.
The asking rent of the 33rd-floor space was $96 per square foot, a Durst spokesperson told CoStar News, adding that Macerich’s deal lasts 13 years. Macerich is currently based at 500 Fifth Ave. at the corner of 42nd Street, according to its website. Macerich, one of the nation’s major retail developers, owns East Coast properties including New York’s Queens Center mall.
Its planned relocation comes as Durst, one of New York’s largest privately owned real estate developers, has created an indoor and outdoor amenity space exclusive to tenants and updated the building lobby as part of its $150 million overhaul of the 40-story Midtown East property.
“This location offers convenient access to our mall center properties across the New York City area and places us near many of the world’s top fashion retailers,” Olivia Bartel Leigh, Macerich's executive vice president of portfolio operations and people, said in the statement.
For the record
The Durst Organization was represented in house by Tom Bow, Ashlea Aaron, Bailey Caliban and Sayo Kamara. Macerich was represented by Gordon Ogden and James Hart of Bradford Allen.