September 13, 2022 2:00 PM
Newmark announces it has completed a 12,278-square-foot office lease on behalf of the National Bank of Egypt for the entire 34th floor at 825 Third Avenue in Midtown. Newmark Vice Chairman Fred Smith and Associate Thomas Burrus represented the tenant.
The National Bank of Egypt will relocate from its current location at 40 East 52nd Street upon completion of construction of its premises. The bank sought a new location as its current building will likely be redeveloped. The New York City office is the bank’s sole U.S. location.
“We are privileged to have the opportunity to represent The National Bank of Egypt, one of the most prestigious international banks,” said Smith. “With building upgrades that focus on building performance, tenant comfort, modern aesthetics and operational efficiency, the new office provides both value and prestige.”
Originally built in 1969, 825 Third Avenue is a 40-story, 529,000-square-foot, Class A office tower that recently underwent a $150 million renovation. Building features include an exclusive tenant amenity space with an outdoor terrace, View Dynamic Glass windows and a transformed entrance and lobby. With the new renovations, the property is targeting LEED Gold certification.
The building is located on Third Avenue between E 50th and E 51st Streets, directly adjacent to Greenacre Park. It is within two blocks of two subway stations, providing access to the E, M and 6 lines.
Midtown office leasing velocity rose 33.1% year-over-year to a total of 5.4 million square feet but fell 4.1% from the prior quarter, according to Newmark Research. Activity was driven by several large deals, primarily signed in Class A new construction. Notably, 82.0% of the space leased in Midtown during the second quarter of 2022 was in Class A products, with Class A velocity surging 50.3% year-over-year. The market was far more resilient than Midtown South and Downtown, where activity posted a quarterly decline of 38.9% and 14.9%, respectively.
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 $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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