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Tech boom hits 685 Third Ave.
8/15/2012

A new technology company is more than quadrupling its space with a move to TIAA-CREF’s 685 Third Avenue that includes more room for growth.

CBRE Group announced yesterday (Tuesday) that it represented TIAA-CREF in lease negotiations with Salesforce.com for 74,349 s/f of office space at the Grand Central location tower.

“Ownership’s beautifully executed lobby and elevator renovation at 685 Third Avenue, plus its ability to provide flexibility in respect to growth allowed it to attract a cutting edge technology firm that loves the Grand Central area and its amenities-rich neighborhood,” said Zachary Freeman.

Freeman is a member of a CBRE leasing team responsible for the 626,000 s/f building that includes Robert Alexander, Paul Amrich, Anthony Dattoma, Howard Fiddle and Molly Concannon.

In moving its New York City headquarters to 685 Third, Salesforce.com is expanding from 16,350 s/f at 2 Grand Central Tower across the street, taking the entire 6th and 7th floors, as well as part of the 8th floor, in a 10-year lease deal.

Salesforce.com, an enterprise cloud computing company based in San Francisco, was represented by Daniel Harvey from Cushman & Wakefield’s San Francisco office, and Augustus Field, Clark Finney and Harry Blair from the firm’s New York office.

TIAA-CREF is the owner of 50 Freemont Street in San Francisco, where Salesforce.com also occupies approximately 400,000 s/f.

TIAA-CREF, with architectural firm, Gensler, and Plaza Construction, is conducting a major capital renovation at 685 Third Avenue, providing a redesigned lobby, elevators and pocket park adjacent to the revamped entrance. The main interior lobby entrance off 44th Street opened to the public this week. The interior work is anticipated to be completed by early fall.

The addition of Salesforce.com to 685 Third Avenue leaves the building with approximately 400,000 s/f of rentable office space still available for leasing.

 

Linda O’Flanagan

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