[ad_1]
Solar developer Dimension Renewable Energy will brighten up 825 Third Avenue.
Dimension is leaving 1400 Broadway just south of Times Square for 11,054 square feet on the entire 18th floor of 825 Third, which is between East 50th and East 51st streets in Midtown East, according to landlord the The Durst Organization.
A Durst spokesperson didn’t provide the lease’s length or asking rents in the building, but average asking rents in Midtown East are $71 per square foot, according to Transwestern’s most recent market report.
The Atlanta-based renewable energy developer specializes in community solar projects, which involve installing solar panels on warehouses or in fields that provide power to the surrounding area. Dimension has developed over 400 solar projects, including two notable tri-state area ones in Cortlandt, N.Y., and Franklin Lakes, N.J., according to its website.
Thomas Bow, Ashlea Aaron and Bailey Caliban handled the transaction in-house for Durst. Greg Maurer-Hollaender and James Ackerson of CBRE represented Dimension in the lease negotiations. A CBRE spokesperson declined to comment on the deal.
“We are proud to add Dimension Renewable Energy to our tenant roster at 825 Third Avenue, especially given our shared commitment to sustainability,” Jonathan “Jody” Durst, the president of The Durst Organization, said in a statement.
Durst recently completed a $150 million renovation of the 530,000-square-foot building, which includes revamping 4,000 square feet of public open space along Third Avenue and East 50th Street. Upgrades also included a new tenant amenity space, an updated lobby and View glass windows that can adjust their tint based on sunlight.
Other tenants in the building include Genius Sports, Beveridge & Diamond, Gotham Asset Management, Liminal Strategy Partners, National Bank of Egypt, Hodes Weill and Toyota Tsusho America.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
[ad_2]
Source link
