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Deals & Dealmakers

Asset manager inks lease at 590 Madison

Colliers has secured a 11-year lease for Compass Group, one of the leading independent Latin American asset managers, at 590 Madison Avenue.

David Kaplansky, Managing Director at Colliers, represented the tenant in the transaction.

Compass Group, which specializes in managing assets for institutional investors, family offices and high-networth individuals, has taken nearly 8,000 s/f of office space in the iconic building in Midtown’s Plaza District.

The 43-story, 1-million-square-foot 590 Madison Ave office tower, located three blocks from the Plaza Hotel and with views of Central Park, is also home to other distinguished tenants including IBM, Morgan Stanley, Aspen Insurance as well as luxury watch retailer Tourneau and British auction house Bonhams.

The trophy building features a state-of-the-art gym, amenity center that includes golf simulators and a parking garage for sole use of office tenants. The property is also connected to 590 Madison’s three-story 56th Street Atrium which is home to several shops including Obika Mozzarella Bar, a unique, full-service restaurant.

“As more organizations plot a return to the office, we’ve seen an uptick in world-class tenants again exploring space in Manhattan and the Plaza District,” said Kaplansky. “According to our research team, last quarter was actually the strongest for leasing activity since late 2019, and we’re encouraged by this momentum. Compass Group was looking for a brand-new, state-of-the-art space with unparalleled Central Park views and we are pleased we found them the perfect location.”

Located at 57th Street and Madison Avenue, the building offers access to several subways for connection to Grand Central, Port Authority, Penn Station and several Manhattan neighborhoods. The building is also near Manhattan’s highest end boutiques and restaurants.

A CBRE team made up of Chairman of Global Brokerage Stephen Siegel, Executive Vice President Evan Haskell, Senior Vice President James Ackerson, Senior Vice President Taylor Scheinman and First Vice President Brett Shannon represented the Landlord. Jeff Sussman handled the transaction in-house for the Landlord.

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