The Crystal Pavilion in Manhattan Welcomes New Subtenant

By Corina Stef

The Crystal Pavilion, New York City

Kroll Bond Rating Agency Inc. (KBRA) has signed a 95,000-square-foot sublease with media conglomerate Meredith Corp. at The Crystal Pavilion in Midtown Manhattan. The credit rating company will occupy floors 26 through 29, relocating from the nearby 845 Third Ave., where it has outgrown its 37,000-square-foot space. The move is expected to take place in July. Following its acquisition of Time Inc., the sublessor is consolidating its offices at 225 Liberty St.

According to Yardi Matrix, the 1980-built asset comprises 561,502 square feet of office space and a 36,150-square-foot retail component. The tenant roster includes real estate, media, financial services and law firms, with some of the most well-known names being Yankees Entertainment and Sports Network, Extell Development Corp. and Carmel Partners. The property is located at 805 Third Ave. in the United Nations-Turtle Bay area, minutes away from restaurants, retailers, accommodation options and banks.

Savills Studley Senior Managing Director David Carlos represented the subtenant in the transaction. JLL Vice Chairman Frank Doyle, Senior Vice President Randy Abend and Associate Cooper Weisman acted on behalf of Meredith Corp.

“We had a lease out for another property when we learned about Meredith’s acquisition of Time and immediately jumped on the opportunity,” Carlos said in a prepared statement. “The Meredith space has been meticulously maintained and is in move-in condition. The ratio of perimeter offices to interior space, natural light, high ceilings and furniture perfectly met KBRA’s needs.”

Image courtesy of Yardi Matrix