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Deals & Dealmakers

Colony Northstar signs 40,000 s/f lease at 590 Madison

STRS Ohio, Edward J. Minskoff Equities and CBRE Group, Inc. announced that Colony Northstar, Inc. signed a new lease for its East Coast headquarters at 590 Madison Avenue for nearly 40,000 s/f.

The recently merged company is consolidating at the building from two midtown locations.

CBRE’s Stephen Siegel, Evan Haskell, James Ackerson, Taylor Scheinman and Brett Shannon, along with Jeffrey Sussman of Edward J. Minskoff Equities represented 590 Madison Avenue.

The lease is the first $100-plus psf relocation larger than 25,000 s/f in the Plaza District since 2014.

“This deal further reinforces 590 Madison Avenue as one of the premier office buildings and addresses in both the Plaza District and all of Manhattan,” said Siegel.

Minskoff added, “Colony Northstar is a fantastic tenant and we are excited to welcome them to 590 Madison Avenue, a first-class, institutional building in the heart of the Plaza District.”

Colony Northstar will be occupying the entire 34th and partial 33rd floors, both with Central Park views. They are expected to move into 590 Madison in the fall of 2017.

The deal follows a recent lease with Berkshire Hathaway Home Services, who opened its first New York City location at 590 Madison Avenue earlier this year.

Colony Northstar was represented by JLL’s Alexander Chudnoff and Robert Martin as well as James Travers of Travers Realty.

590 Madison Avenue was originally built to be the global headquarters for IBM and offers amenities like a private, parking garage and landscaped atrium. The lobby was recently refreshed with a renovation overseen by MdeAS Architects.

The tenant roster comprises of a diverse lineup of best-in-class businesses, including IBM, Aspen Insurance, Bain Capital, and Odyssey Investment Partners.

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