Eden Fine Art, an international art representative and sponsor, has signed a 12-year lease renewal and expansion at the William Kaufman Organization’s (WKO) 437 Madison Avenue for its flagship New York gallery.
The art gallery will now occupy 3,865 s/f of space on the ground floor of the 40-stor office building, doubling its retail presence on the 50th Street side of the property.
As part of the expansion, Eden Fine Art has commissioned ODA Architecture to renovate and revamp the entire gallery space. It is expected to re-open to the public in spring 2016.
Michael Lenchner, vice president and director of leasing at Sage Realty Corporation, the leasing and management division of WKO, represented the building’s ownership in-house in the long-term transaction, while Howard Dolch and Robin Abrams of the Lansco Corporation acted as consultants for Eden.
Asking rents for retail space in the building range from $500 to $600 psf.
“We are delighted that this international art gallery has chosen to further extend and expand its tenancy as we continue to modernize and transform 437 Madison Avenue as the go-to property in the Plaza District,” Lenchner said.
“Eden has helped to create a symbiotic connection between the art, our building, and our tenants, and we look forward to continuing our relationship with them for many years to come.”
The expansion comes on the heels of the building’s ongoing, $60 million capital improvement program, which is set to be finalized early this year.
Upon completion, 437 Madison will boast entirely new infrastructure and amenities, including a private 8,870 s/f 15th floor sky lounge with sviews of St. Patrick’s Cathedral and the Midtown skyline.
Two ground floor retail units are currently available for lease on the East 50th Street side of the building.