First Lease Completed at 950 Third Under New Ownership

29 Oct, 2010, New York

Cushman & Wakefield announced today that TPR Holdings LLC has leased 5,133 square feet at 950 Third Ave. for a five-year term.

TPR is an existing tenant on the third floor of the building occupying approximately 2,770 square feet. The firm was in need of additional space and the landlord was able to accommodate TPR's expansion requirement. TPR will relocate to a pre-built unit on the fourth floor of the 325,000 square foot building early next year. The deal brings the property to near 100 percent occupancy.

Following an ownership transition in August to an entity controlled by Naomi and Andre Altholz, Cushman & Wakefield's William Elder and Jared Horowitz were appointed exclusive leasing agents. Cushman & Wakefield also serves as property manager.

"This property has an outstanding, prominent location, modern design and experienced ownership, and we expect continued strong demand," said Mr. Elder, a Cushman & Wakefield senior managing director.

"We're pleased that we were able to accommodate the growing space needs of TPR," said Mr. Horowitz, a Cushman & Wakefield executive director. "Retaining the property's tenant base is especially rewarding as it reflects both the success of the tenant's business and the success of the landlord's commitment to those companies."

Located at the southwest corner of 57th Street, the distinctive 32-story office building was the first mirrored-glass façade building in New York City and one of the premier office buildings on Third Avenue. Designed by the renowned architectural firm Kahn & Jacobs and completed in 1971, 950 Third Ave. boasts a highly diversified tenant roster of premier firms in sectors including communications, finance, banking and law, among others.

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