950 Third Ave. Draws Demand from New and Existing Tenants

4 May, 2011, New York

Cushman & Wakefield announced today the completion of five new leases at 950 Third Ave., the premier 32-story office tower at the corner of 57th Street in Midtown Manhattan.

Anchor Associates, a New York City apartment realtor and broker service leased 5,431 square feet on the 25th floor in an expansion from the 31st floor. Scott Bloom of Bloom Real Estate represented Anchor.
Frankhill Associates leased 2,033 square feet on the 26th floor of the building. The firm will relocate from 630 Fifth Ave. in Rockefeller Center. Richard Pugatch of CBC Hunter Realty represented Frankhill.
Aldwych Inc., a specialist consulting firm, leased 2,652 square feet on the 16th floor. This will be a new location for the firm. Robert Gastel of Cushman & Wakefield represented Aldwych.
MKF Realty renewed its lease for 3,712 square feet on part of the 28th floor. There was no broker involved on the tenant side.
TPR Holdings, which leased 5,133 square feet at the end of 2010, has expanded onto the third floor of the building for an additional 2,769 square feet.

The transactions are the latest since the building was acquired in 2010 by an entity controlled by Naomi and Andre Altholz, who have more than two decades of experience in the real estate development and management business and who previously held a minority interest in the building. The premier East Side office building is nearly 100 percent occupied.

Cushman & Wakefield's Jared Horowitz and Mikael Nahmias serve as exclusive leasing agents for the building and represented the owner in all five leasing transactions.

"We're very pleased to be able to accommodate the space needs of these growing organizations," said Mr. Horowitz, a Cushman & Wakefield executive director. "Among the factors which drew these firms to the property were the high quality of the asset, superb amenities, prestigious tenant roster, and ownership's firmly-established reputation for professional, attentive management."

Located at the southwest corner of 57th Street, the distinctive 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.

"950 Third Avenue has an outstanding, prominent location, modern design and seasoned, dedicated ownership. We're experiencing strong demand at the property," said Mr. Nahmias, a Cushman & Wakefield Senior Managing Director in the firm's Strategic Agency Services Group.

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