Sotheby’s International Realty will ready for a relocation of its new expanded corporate headquarters, slated for 650 Madison Avenue according to the firm.
The new office, which the brokerage says it will move into later this year, will occupy the entire second floor of the Vornado-owned luxury office tower, utilizing in total almost 38,000 s/f and marking a return to Madison Avenue where it was originally founded in 1976.
Ross Perlman of Newmark Knight Frank represented Sotheby’s International Realty and Andrew Ackerman of Vornado Realty Trust represented the landlord in-house.
“The new Sotheby’s International Realty headquarters will anchor our luxury brand on Madison Avenue at a premier Upper East Side address,” said Kathy Korte, President and CEO of Sotheby’s.
The space will be custom-designed by Ed Wood of Gensler and, in all, the space will occupy 160 of Sotheby’s agents.
“Our new home at 650 Madison Avenue will be modern, spacious and collaborative” said Marissa Ghesquiere, Brokerage Manager for Sotheby’s. “I’m thrilled to offer our agents a world-class office environment on par with the extraordinary properties they represent.”
Already occupying space in the building are Ralph Lauren, luxury shoe company Tod’s, apparel company Moncler and Céline.
In 2016, Nike signed a $35 million lease for a new office inside the tower which represnted the most expensive retail lease during that year.