New York Compensation Insurance Rating Board Signs 20-Year Lease For 30,166 SF Office At 875 Third Avenue

The New York Compensation Insurance Rating Board (NYCIRB) has signed a 20-year lease for the entire 30,166-square-foot eighth floor at 875 Third Avenue in New York. The asking rent for the space was $75 per square foot, making the total value of the lease approximately $2.26 million per year. This new location will serve as NYCIRB's headquarters, replacing their previous office at 733 Third Avenue.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $2.26 million per year
• Address: 875 Third Avenue, New York
• Market: New York
• Landlord: Global Holdings
• Tenant: New York Compensation Insurance Rating Board - Jeremy Attie
• Landlord's Rep: Paul Glickman, Diana Biasotti, Kristen Morgan & Harrison Potter - JLL
• Tenant's Rep: Daniel Horowitz & Roi Shleifer - Savills

JLL represented Global Holdings, the landlord of 875 Third Avenue, in this transaction. The tenant, NYCIRB, was advised by Savills. The new lease allows NYCIRB to have full control over the eighth floor, which provides ample space for their operations and future growth. This move represents a significant milestone for NYCIRB as they transition to their new headquarters.