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The Durst Organization has pulled its 40-story office tower at 825 Third Ave. off the market after listing the property as a long-term ground lease earlier this year.
The Emery Roth-designed building is 544K SF and was being marketed by CBRE sales broker Darcy Stacom, Crain’s New York Business reports.
Durst was hoping an investor would take control of the building in exchange for annual rental payments, according to the publication. After a slow 2017, investment sales in the city have begun to pick up this year, largely because both buyers and sellers — many of them, at least — are lowering their expectations.
The building will soon become vacant when long-term tenant Advance Publications’ lease there expires.
"Darcy Stacom and her group at CBRE did an outstanding job of conceptualizing the repositioning of 825 Third Ave.,” a Durst representative told Crain’s. "In the end, we decided to create the capacity to do it ourselves and to also maintain control of the asset."
It could be hard work for Durst to lure tenants. Competition for office tenants is extremely fierce in the city, with older buildings increasingly up against new construction with extensive amenities.
Manhattan office leasing got off to a slow start in 2018, but many are predicting Midtown East, where 825 Third sits, will experience a JPMorgan Chase-driven comeback.
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