Davis and Tribeca Investment Group to Invest $50 million in Strategic Capital Improvement Program at 630 Third Avenue
October 14, 2025 – NEW YORK, NY
The Davis Companies (Davis) today announced the launch of a joint venture with New York-based Tribeca Investment Group (TIG) to execute a comprehensive capital investment and improvement plan at 630 Third Avenue, a 261,445 square foot, 23-story office building in Midtown Manhattan’s Grand Central submarket. In collaboration with the property owner ATCO, Davis and TIG will reposition the building through the investment of more than $50 million to stabilize the property and complete a full lobby renovation, the construction of a tenant amenity and conferencing space, and delivery of move-in ready office suites for prospective tenants.
“The Grand Central market continues to see strong leasing activity, and our investment will position this asset to capitalize on this growing tenant demand,” said Andrew Kurd, Managing Director of Investments at Davis. “This is the latest milestone for Davis’ growing portfolio in the New York region, and we are confident that our planned improvements at 630 Third Avenue will return tremendous value for our investors.”
“630 Third Avenue features an impressive floor plate with ample amounts of natural light and space in a bustling area of Midtown Manhattan,” said Brendan Richards, Vice President of Invesmtent at The Davis Companies. “The building’s proximity to Grand Central Station makes it a premier location for commuting employees.”
Davis and TIG are working with architecture firm Studios to enhance the tenant experience throughout the 23-story building, through a series of strategic renovations. The plans include a modern renovation of the open-concept lobby, the buildout of move-in ready office suites, and the construction of a 19th floor tenant amenity and conferencing center with more than 3,000 square feet of landscaped outdoor terrace space.
“We are excited to partner with the Davis team and complete the repositioning of such a well-located office building in the heart of Midtown Manhattan” said Elliott Ingerman, Principal at Tribeca Investment Group. “The combination of attractively sized tenant spaces and the lobby and amenity upgrades will make this a premier offering in a competitive marketplace that looks for these types of enhancements.”
Upgrades are set to begin in Q1 2026 with anticipated completion slated for Q3 2026. Paul Amrich and Neil King from CBRE have been engaged as leasing representatives for the project. Albert Sultan from KSR advised on the transaction.
“630 Third Avenue is a great example of a boutique asset in close proximity to a transportation hub like Grand Central that will be naturally taken into its next chapter of occupancy through an amazing transformation executed by a world class ownership team” said Paul Amrich of CBRE.
Davis has experienced substantial momentum in the New York market in 2025, bolstered by the strategic hires of Andrew Kurd, the new Managing Director of Investments leading the firm’s New York City office, and Alexander Zabik as Managing Director and Head of Credit Investments. Davis’ New York portfolio has grown significantly in recent years and includes investments in assets such as 55 Willoughby and 540 Atlantic Avenue in Downtown Brooklyn, as well as the ground up development of a Manhattan Mini Storage facility at 155-165 W 29th St and a luxury residential building at 1975 Madison in Harlem, which began leasing in July 2025.
Developers Take Majority Stake in Third Avenue Office Tower with Plans for Extensive Renovations
October 16, 2025 | Crain’s New York Business
A pair of real estate firms have taken a majority stake in a Third Avenue office building that is roughly 40% vacant with plans to extensively renovate the property to help it attract more tenants.
The Davis Cos., a Boston-based firm, and New York-based Tribeca Investment Group are investing $50 million in ATCO Properties’ 630 Third Ave., the firms recently announced. The 23-story, roughly 260,000-square-foot building is located close to Grand Central Terminal between East 40th and East 41st streets, making it a fairly attractive location for commuters, although Third Avenue office buildings have generally struggled more than their Park Avenue counterparts in the wake of the pandemic.
The $50 million figure represents the full investment from Davis and Tribeca and will go toward renovating and stabilizing the property, according to a spokesman for the firms.
ATCO Properties, based in Midtown, bought out its former partner, Ruben Cos., at 630 Third Ave. in 2022 for roughly $97.8 million, property records show. The planned upgrades to the property include renovating the lobby, constructing a tenant amenity and conferencing space with more than 3,000 square feet of landscaped outdoor terraces on the 19th floor, and creating office suites for prospective tenants that will be move-in ready.
Work on the renovations is set to launch at the beginning of next year and should be completed by the third quarter. KSR’s Albert Sultan advised on the investment deal, while CBRE’s Paul Amrich and Neil King are handling leasing.
The property at 630 Third Ave. was built in 1958 and is currently 68.1% leased with estimated asking rents of $59 to $72 per square foot, according to CoStar. Tenants include management consulting firm ICF International, law firm Leader Berkon Colao & Silverstein and the Permament Mission of the Republic of Slovenia to the United Nations, CoStar says.
Davis has substantially grown its New York portfolio in recent years, investing in residential buildings such as 540 Atlantic Ave. and 55 Willoughby St. in Downtown Brooklyn, along with 1975 Madison Ave. in Harlem. Tribeca’s other investments include the office building at 295 Fifth Ave. and the Baccarat Hotel & Residences on West 53rd Street.
ATCO’s portfolio includes the office building at 555 Fifth Ave., where the company itself is located, and the luxury rental building at 41 W. 58th St. The Real Deal reported in May that the firm is selling 373 and 381 Park Ave. South to Empire Capital Holdings for $130 million, although the sale has yet to appear in property records.
Real estate newsletter The Promote first reported news of the 630 Third Ave. deal.
Davis Companies, TIG Recap ATCO’s 630 Third Avenue With $50M Equity Investment
October 27, 2025 | Commercial Observer
ATCO Properties & Management closed on the sale of a stake in 630 Third Avenue valued at $66 million, according to property records and a statement from the company.
The Davis Companies with Tribeca Investment Group (TIG) acquired an undisclosed percentage of the 261,445-square-foot, 23-story Midtown office building, and is planning to renovate it through a $50 million joint equity investment, according to property records and the buyers.
The repositioning will see the construction of a new open-plan lobby, a tenant amenity and conferencing space and pre-built suites for new tenants, according to Davis and TIG.
Atco and the Ruben Companies developed the property in 1958 before buying Ruben out of its share at an unknown price relative to its valuation of $97.8 million in December 2022. Atco will retain a stake and continue managing the property.
The Boston-based Davis Companies and TIG did not immediately provide an updated comment from when the repositioning was announced earlier in October, indicating a plan to acquire the property.
“The Grand Central market continues to see strong leasing activity, and our investment will position this asset to capitalize on this growing tenant demand,” Andrew Kurd, managing director of investments for Davis, said in a statement at the time. “This is the latest milestone for Davis’ growing portfolio in the New York region, and we are confident that our planned improvements at 630 Third Avenue will return tremendous value for our investors.”
Kassin Sabbagh Realty‘s Albert Sultan arranged the sale.
“We are excited to partner with The Davis Companies and Tribeca Investment Group as we embark upon an exciting new chapter for 630 Third Avenue,” ATCO said in a statement.
Some tenants in the building include the Permanent Mission of the Republic of Slovenia to the United Nations, which occupies about 11,658 square feet, and law firm Schwartz Levine Stark, which took 3,800 square feet in December 2021.
Davis JV Will Reposition Offices in Grand Central Submarket
October 14, 2025 | connect CRE
The Davis Companies has launched a joint venture with New York-based Tribeca Investment Group to execute a comprehensive capital investment and improvement plan at 630 Third Ave., a 261,445-square- foot, 23-story office building in Midtown Manhattan’s Grand Central submarket. In collaboration with property owner ATCO, Davis and TIG will reposition the building, investing more than $50 million to stabilize the property and complete a full lobby renovation, construction of a tenant amenity and conferencing space and delivery of move-in ready office suites.
“The Grand Central market continues to see strong leasing activity, and our investment will position this asset to capitalize on this growing tenant demand,” said Andrew Kurd, managing director of investments at Davis. “This is the latest milestone for Davis’ growing portfolio in the New York region, and we are confident that our planned improvements at 630 Third Ave. will return tremendous value for our investors.”
Upgrades are set to begin in the first quarter of 2026, with completion expected in Q3. Paul Amrich and Neil King from CBRE have been engaged as leasing representatives for the project. Albert Sultan from KSR advised on the transaction.