Hodgson Russ Extends Stay at Fisher Brothers’ 605 Third Avenue

Fisher Brothers is seeing a wave of retention activity at its 44-story Midtown tower, 605 Third Avenue. Law firm Hodgson Russ has renewed its lease for approximately 19,900 square feet on the building’s 23rd floor. The 10-year agreement was finalized in June, with Newmark representatives Brian Cohen and Kyle Ciminelli negotiating on behalf of the tenant. The landlord handled the deal in-house with Clark Briffel.

The renewal is part of a broader series of transactions at the property, which spans the block between East 39th and East 40th streets. Recent leasing velocity has been notable, with Fisher Brothers reporting that deals struck since April have achieved rents reaching $120 per square foot. While specific terms for the law firm’s renewal were not disclosed, the asking figures reflect current pricing strength for prime office space in the area.

Additional firms have doubled down on the location in recent months. Private equity firm Coalesce Capital renewed and expanded its footprint to 16,900 square feet on the 36th floor for a five-year term. Similarly, investment firm Lionheart Strategic Management expanded its presence by taking an extra 6,400 square feet on the 16th floor, securing the space for a decade. Retail amenities for the building’s tenants have also been solidified, as Starbucks signed a 10-year renewal for 1,800 square feet on the ground floor in July.

Despite the recent leasing success, significant inventory remains available at the asset. A contiguous 130,000-square-foot block across the fourth, fifth, and sixth floors is currently on the market. Marketing efforts for this space are being led by a team from CBRE Group, Inc., including Howard Fiddle, Peter Turchin, Ben Joseph, Brett Shannon, Max Tarter, Zachary Price, and Natalie Chung.

What to watch

• Leasing Velocity: Monitor the absorption rate of the 130,000-square-foot floor plate at 605 Third Avenue.
• Rental Trends: Future deal pricing will indicate if the $120 per square foot levels are sustainable.

Source: original release