CUNY renews 23,000 s/f lease at 875 Sixth Avenue

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The City University of New York (CUNY) has renewed its 23,000 s/f office lease at 875 Sixth Avenue for another five years.

A tenant in the building for the past 20 years, CUNY is
among several tenants to renew or relocated to the property in the last six
months.

Lee & Associates NYC announced is has completed 14 deals
at 875 Sixth Avenue, signing six new leases and expansions, and eight tenant
renewals spanning 73,500 s/f.

Notable deals include Vias Imports, a wine importer and wholesaler, extended its existing 11,600 s/f lease for an additional seven years; Holt Construction expanded to 8,200 s/f; psychotherapy practice Intuitive Healing signed a new 10-year lease for 3,750 s/f and; film production company Florentine Films renewed and expanded its space to 3,500 s/f in a 10-year lease.

The southeast corner of the building, which is owned by Old
& New 875 LLC, showcases a recently completed pop-abstract style mural by
ASVP that wraps around the entrance to a Starbucks on the ground floor.

Lee & Associates NYC Executive Managing Principal and
Co-Founder Peter Braus (who is also a principal of the building), and Executive
Managing Directors and Lee Principals Dennis Someck and Justin Myers handled
all of the transactions.

“During the pandemic, ownership was very proactive in
working with and accommodating tenants to help them manage through this very
tough time,” said Someck. “We were fortunate to have tenants that were also
looking to expand and make long-term commitments. That is a testament to the
ownership, quality of the building and continued building upgrades as well as
the quality of the existing tenants and new tenants we attracted.”

At 25 stories and 248,000 square feet, 875 Sixth Avenue has
full- and partial-floor space available for lease, with spaces ranging from
6,000 to more than 11,000 square feet. The building is within walking distance
of Penn Station, numerous restaurants, shopping and hotels, along with
convenient access to the A, D, F, N and R subway lines as well as the PATH. The
building was recently renovated with a new lobby and elevators. Asking rents
range from $50 to $60 per square foot.

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