May 11, 2022 6:00 PM
Newmark announces it has completed an 11,933-square-foot sublease with Blue Matter Consulting at 909 Third Avenue in Midtown East Manhattan. Newmark Associate Thomas Burrus represented the subtenant in the lease from sublandlord Interpublic Group.
Blue Matter Consulting is a leading strategic consulting firm focused on the life sciences industry. The firm has experienced tremendous growth, tripling in size and outgrowing its previous space at 575 Lexington Avenue.
“We were honored to help Blue Matter Consulting find a new office to continue its growth,” said Burrus. “Taking sublease space allows the company to quickly get up and running while maintaining flexibility for future growth plans.”
909 Third Avenue is a 32-story, 1.3-million-square-foot office building located on the eastern block between 54th and 55th Streets in Midtown East. Major tenants in the building include Interpublic Group, Geller & Company, AlixPartners and Morrison Cohen Singer Weinstein. Neighborhood amenities include Hillstone, Wolfgang’s Steakhouse, Starbucks, Tomi Jazz, OBAO, TacoVision, Equinox and Blink Fitness. The building is just one block from the E and M subway lines.
According to Newmark Research, Midtown leasing velocity totaled 5.5 million square feet during the first quarter of 2022, an increase of 47.5% from the first quarter of 2021. Eight leases of at least 100,000 square feet drove the bump in activity. Five of those large deals were relocations. Midtown average asking rents were stable, down just 0.3% from the fourth quarter of 2021 to register $82.55 per square foot during the first quarter.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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