In a series of separate transactions at the William Kaufman Organization’s 437 Madison Avenue, two new tenants have signed long-term leases totaling 23,686 s/f.
Los Angeles-based law firm Mitchell Silberberg & Knupp LLP (MSK) has signed a 15-year, 18,650 s/f lease for the entire 25th floor of the property.
The firm, which has extensive ties to digital media, entertainment and other industries, is presently located at 12 East 49th Street and expects to move into its new facilities by August 2018.
Also signing at 437 Madison Avenue is global investment firm Cambridge Associates LLC, which is taking a five-year 5,036 s/f lease on a portion of the 22nd floor.
The company, which is presently located at 340 Madison Avenue, plans to relocate in spring 2018.
According to Michael Lenchner, Vice President and Director of Leasing at Sage Realty Corporation, the leasing and management division of WKO, the new leases coincide with a banner year of leasing activity at the property. During 2017, Sage Realty completed 11 transactions totaling 142,650 s/f at 437 Madison Avenue.
Among the building’s most notable deals were law firm Montgomery McCracken Walker & Rhoads LLP (35,755 s/f); investment management firm Prelude Capital (19,524 s/f); re-insurer Munich American Reassurance Company (18,650 s/f) and; financial services firm Citizens Bank (17,750 s/f).
“We’re definitely one of the most popular buildings on Madison Avenue right now,” stated Lenchner. “These new leases for MSK and Cambridge Associates highlight the special position that our property is in and reflects the ongoing resurgence of Midtown East.”
Lenchner, along with a Jones Lang LaSalle leasing team of Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster, represented building ownership in the long-term transaction.
Jared Freede represented MSK, and Ken Rapp of CBRE represented Cambridge Associates. Asking rents range from $82 to $110 psf.
Originally built in 1967 and designed in Emery Roth & Sons, 437 Madison Avenue is long-regarded as a premier property in Midtown East. Most recently, Sage Realty completed a $60 million building-wide redevelopment which includes a redesigned lobby and arcade area, a new plaza, renovated elevators, upgraded building systems and a 15th floor “sky lounge” with outdoor conference rooms, sunrise yoga classes and views of St. Patrick’s Cathedral.
Sage is currently marketing 18,650 s/f on the entire 29th floor and a contiguous block of 38,178 rentable square feet on the building’s top two floors (39th and 40th) that are available for long-term lease immediately.