Private Export Funding Corporation Secures Near-10,000 Square Feet at 880 Third Avenue

Private Export Funding Corporation (PEFCO) has locked in a long-term commitment in Midtown East, inking a 13-year lease for 9,577 square feet at Jack Resnick & Sons' 880 Third Avenue. The export finance institution will occupy the entire ninth floor of the 18-story commercial tower, marking a strategic relocation within the competitive Manhattan office submarket.

The deal provides PEFCO with a modernized footprint to support its mission of financing U.S. export transactions. As companies across the financial sector continue to reassess their physical office needs in a hybrid work era, a decade-plus lease term signals a strong vote of confidence in both the company's operational growth and the enduring appeal of Midtown East as a premier business hub.

Key Details

• Tenant: Private Export Funding Corporation (PEFCO), a financial institution that facilitates export financing for U.S. goods and services.
• Landlord: Jack Resnick & Sons, a prominent New York City real estate developer and owner.
• Property: 880 Third Avenue, an 18-story Class A office building located in the heart of Midtown East, situated between 53rd and 54th Streets.
• Square Footage: 9,577 square feet.
• Lease Term: 13 years.
• Space Details: The agreement encompasses the entirety of the building's ninth floor. According to Commercial Observer, the firm relocated from a prior address to establish its new base at the Resnick-owned tower. Financial terms and exact asking rent figures for the transaction were not publicly disclosed.

Market Context

This transaction provides another data point illustrating the stabilization of the Midtown East office submarket, an area that has demonstrated renewed momentum in recent quarters. While the broader Manhattan office sector continues to navigate the structural shifts brought about by remote and hybrid work arrangements, trophy assets and well-maintained Class A buildings like 880 Third Avenue are capturing a disproportionate share of leasing activity.

The 18-story tower benefits heavily from its strategic location near major transit hubs, including Grand Central Terminal and the 53rd Street subway stations. This accessibility is a critical driver for financial services firms aiming to enforce return-to-office mandates by minimizing commuter friction for their employees.

Furthermore, PEFCO's commitment to a 13-year lease runs counter to the broader trend of tenants aggressively shortening lease durations to maintain flexibility. This extended timeline suggests a high degree of institutional confidence in their long-term operational footprint. It also indicates that landlords like Jack Resnick & Sons are successfully leveraging building quality and location to secure reliable, long-term revenue streams in an otherwise volatile commercial real estate environment.