Cresa NY's Stella and Spagna Negotiate Early Lease Renewal For Execu|Search at 675 Third Avenue
Cresa NY’s Robert Stella, principal, and Barry Spagna, vice president, have arranged an early lease renewal for The Execu|Search Group, one of the nation’s largest full-service recruitment, temporary staffing and workforce management companies, at 675 Third Avenue, between 42nd and 43rd Streets. The 15-year extension is for the organization’s offices on the fourth and fifth floors of the building, comprising 28,151 rentable square feet. Execu|Search Group is the building’s largest tenant and Mr. Stella arranged its original lease in 1998. By renewing the lease 18-months prior to the June 2019 expiration, Execu|Search is provided with the opportunity to upgrade its premises and receive substantial financial concessions and cost reductions.
“HAVING EXCLUSIVELY REPRESENTED EXECU|SEARCH FOR MORE THAN 20 YEARS, MY GOAL HAS BEEN TO FIND THE BEST LOCATIONS AT THE MOST FAVORABLE RENT RATES FOR EACH OF ITS OFFICES,” POINTS OUT MR. STELLA. “OUR TEAM, WHICH INCLUDED MANAGING PRINCIPAL JANE ROUNDELL WHO PREPARED CRITICAL FINANCIAL ANALYSES, NEGOTIATED SIGNIFICANT RENT SAVINGS, AS WELL AS A COMPLETE RENOVATION OF THE SPACE.”
Concurrent to the Execu|Search renovation, 675 Third Avenue will be repositioned and upgraded to include new windows in the tenants’ offices and a state-of-the-art HVAC system. The renovations of the lobby, plaza and common areas have already been completed. The landlord, The Durst Organization, was represented in-house by Tom Bow, executive vice president, Ashlea Aaron, senior managing director – commercial leasing, and Lindsey Ravesloot, leasing associate. The asking rate was $65-per-square-foot.