An office asset located at 650 Fifth Avenue in Midtown Manhattan has been leased. The lease covers 11,000 square feet at an asking rent of $80 per square foot. The transaction represents a long-term commitment with a 10-year lease period in a prominent market area.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $80/ft
• Square Footage: 11,000
• Address: 650 Fifth Avenue
• Market: Midtown Manhattan
• Landlord: 650 Fifth Avenue Company
• Tenant: Michael Chang - Verist
• Landlord's Representative: Barry Zeller & Mike Tranfalia - Cushman & Wakefield
• Tenant's Representative: Kirill Azovtsev, Alex Redlus & James Wenk - Savills
• Lease Term: 10 years

Michael Chang leads Verist, a newly formed managing general underwriter, which marks this transaction as their first office lease. The representatives from Cushman & Wakefield and Savills were instrumental in facilitating the terms of the agreement.