Nutter Doubles Footprint at Durst’s 5 Grand Central East

Nutter Doubles Footprint at Durst’s 5 Grand Central East

Boston-based law firm Nutter has significantly expanded its presence in Midtown Manhattan by renewing and enlarging its lease at the Durst Organization’s 5 Grand Central East. The firm has agreed to retain its existing 5,719 square feet on the building’s 27th floor while securing an additional 5,719 square feet on the entire 25th floor. This move effectively doubles Nutter’s total occupancy at the 30-story tower, located at 655 Third Avenue, to 11,438 square feet.

The landlord listed an asking rent of $80 per square foot for the space, though the specific duration of the lease term was not disclosed. The transaction was brokered by representatives from CBRE on behalf of the tenant, with Michael Joyce and Trevor Larkin leading the effort. Durst handled the negotiations in-house through a team including Tom Bow, Ashlea Aaron, Bailey Caliban, and Sayo Kamara.

Nutter originally established its tenancy at the property, situated between East 41st and East 42nd streets, in 2022. The decision to expand comes amid a broader revitalization of the area surrounding Grand Central Terminal. In December, the Durst Organization officially rebranded 655 Third Avenue and 733 Third Avenue as 5 Grand Central East and 11 Grand Central East, respectively, signaling a focused investment strategy in the submarket.

Market data indicates a rising demand for office inventory in the Grand Central East district, which spans East 38th to East 47th streets between Park Avenue and Second Avenue. According to commercial real estate software firm VTS, demand in this specific corridor has surged 127 percent since 2021, driven largely by tenants in the finance, insurance, and real estate sectors.

Jody Durst, president of the Durst Organization, pointed to the increasing appeal of Class A spaces with transit accessibility as a catalyst for the activity. Nutter co-managing partner Michael Scott similarly emphasized that the location supports the firm’s growth trajectory and client needs.

CBRE Group, Inc., the firm that brokered the deal, currently trades with a market capitalization of approximately $44.04 billion. The company operates globally across advisory services, building operations, and real estate investments.

What to watch

• Future lease activity at the recently rebranded 11 Grand Central East.
• Reporting on vacancy rates within the Grand Central East submarket.
• Upcoming earnings from major real estate services firms for commentary on Manhattan leasing trends.

Source: original release