Colliers International Arranges 85,460-SF Marks Paneth & Shron Lease at 685 Third AvenueSeptember 26, 2011
--New tenant to occupy three-floors in upgraded Grand Central district office gem--
New York, NY - (September 26, 2011) - Colliers International has arranged an 85,460-square-foot office lease at 685 Third Avenue for accounting and consulting firm Marks Paneth LLP . The accounting firm will occupy floors three through five of the 33-story tower during the fourth quarter of 2012. Marks Paneth currently occupies space at nearby 622 Third Avenue.
A team of Colliers International brokers consisting of Tri-State Region President Michael T. Cohen, Vice Chairman Andrew Roos and Vice Chairman Leon Manoff represented Marks Paneth on the transaction. Pension fund TIAA-CREF is the landlord.
Marks Paneth will become the first long-term tenant to occupy 685 Third Avenue since TIAA-CREF acquired the 600,000-square-foot building in 2010. Since then, TIAA-CREF has planned an extensive, multi-million dollar renovation of the property. Specific upgrades will include a renovated lobby and the creation of a new vest-pocket park near the building's entrance.
"The timing of this transaction worked out extremely well for both sides of the deal," Cohen said. "Our client, Marks Paneth, sought to relocate their operations in midtown while TIAA-CREF was seeking to sign their first significant tenant at the upgraded property."
Andrew Roos of Colliers International said: "TIAA-CREF is now welcoming an expanding accounting firm into their building. There is no better statement of a building's health than the signing of a large tenant in expansion mode."
"Colliers International was instrumental in making this transaction possible," said Arthur Cannata and Mark Levenfus of Mark Paneth & Shron. "Their relationship with TIAA-CREF, and deep knowledge of the midtown office leasing market, ultimately enabled us to relocate into new quarters not far from where we now work."
Marks Paneth was recently chosen by the New York Law Journal as one of the New York region's top three forensic accounting firms for the second year in a row. The firm currently has offices in Manhattan, Westchester, Long Island and the Cayman Islands.
Located on Third Avenue between 43rd and 44th streets, 685 Third Avenue boasts convenient access to Grand Central Terminal and numerous bus and subway lines. Two of the building's ground floor retail spaces are leased by TD Bank and Chase.
Robert Alexander, Howard Fiddle and Zachary Freeman, of CB Richard Ellis, represented the landlord in the transaction.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world with 12,500 professionals operating out of more than 510 offices in 61 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International as the top U.S. real estate company and the latest annual survey by the Lipsey Company ranked Colliers International as the second most recognized commercial real estate brand in the world.
About Marks Paneth
Marks Paneth LLP is an accounting firm with nearly 475 people, of whom approximately 60 are partners and principals. The firm provides businesses with a full range of auditing, accounting, tax, consulting, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services, energy clients and emerging growth businesses. Visit www.markspaneth.com for more information.