A new joint venture between The Davis Companies and Tribeca Investment Group is set to revitalize a prominent office building at 630 Third Avenue in Midtown Manhattan’s Grand Central submarket. The partnership, in collaboration with property owner ATCO, will undertake a significant capital investment exceeding $50 million to enhance the 23-story, 261,445-square-foot property.
Key Takeaways
- A joint venture involving The Davis Companies and Tribeca Investment Group will spearhead a major renovation of 630 Third Avenue.
- The project includes a capital investment of over $50 million.
- Upgrades will focus on stabilizing the property, renovating the lobby, and creating new tenant amenities.
- The goal is to capitalize on strong leasing activity in the Grand Central market.
Comprehensive Capital Improvement Plan
The extensive capital investment and improvement plan aims to stabilize the 630 Third Avenue property and significantly enhance its appeal to prospective tenants. The renovation will encompass a full lobby overhaul, the construction of a dedicated tenant amenity and conferencing space, and the delivery of move-in ready office suites designed to attract modern businesses.
Strategic Market Positioning
Andrew Kurd, managing director of investments at Davis, expressed confidence in the project’s potential. "The Grand Central market continues to see strong leasing activity, and our investment will position this asset to capitalize on this growing tenant demand," Kurd stated. He further emphasized that this initiative represents a significant milestone for Davis’s expanding portfolio in the New York region, anticipating substantial returns for investors.
Project Timeline and Representation
Work on the upgrades is scheduled to commence in the first quarter of 2026, with completion anticipated in the third quarter of the same year. CBRE’s Paul Amrich and Neil King have been appointed as the leasing representatives for the project, tasked with marketing the revitalized space. Albert Sultan from KSR provided advisory services for the transaction.