Savills Studley, the leading commercial real estate firm specializing in tenant representation, announced that it has negotiated a new 95,000-square-foot sublease for credit rating company Kroll Bond Rating Agency, Inc. (KBRA) at 805 Third Avenue. KBRA will take floors 26 through 29 of the offices of media conglomerate Meredith Corporation (Meredith), which acquired Time Inc. in January 2018. Meredith is in the process of consolidating its New York City operations at the former Time Inc. space at 225 Liberty Street downtown, part of the Brookfield Place complex.
This July, KBRA will relocate from 37,000 square feet spread across two non-contiguous floors at 845 Third Avenue, where the company has outgrown its space. KBRA was represented by Savills Studley’s David Carlos. He will also handle the sublease of KBRA’s existing offices at 845 Third Avenue. Meredith was represented by Frank Doyle, Randy Abend and Cooper Weisman of JLL.
“We had a lease out for another property when we learned about the Meredith’s acquisition of Time and immediately jumped on the opportunity,” said Carlos. “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.”
KBRA’s CFO, Ajay Junnarkar, explains, “We were bursting at the seams and needed immediate space, as well as a long-term plan to accommodate our future growth. David and his team negotiated a creative deal structure that enables us to phase into our new home, devising the perfect solution to our real estate challenge.”
“Meredith’s space at 805 Third Avenue was impeccably designed and the high-end build out was ideal for KBRA,” said Abend. “The credit rating agency will be able to relocate into a larger space in a quality building that is just down the street from its previous offices. JLL continues to market the remainder of Meredith’s space at 805 Third Avenue, including its state-of-the-art broadcasting studio.”