Berkshire Hathaway HomeServices New York Properties (BHHSNYP) is pleased to announce it has signed a new seven-year lease for its growing New York City brokerage offices at 590 Madison Ave. in the heart of Manhattan’s Plaza District.
BHHSNYP, one of the largest, full-service real estate brokerage firms, HomeServices of America, Inc.— and an affiliate of Berkshire Hathaway — expanded its footprint to almost 8,600 square feet at 590 Madison Ave. at 57th St., known as the IBM Building.
The company’s new offices, which will be approximately 40 percent larger than its current space in the building, features unobstructed views of Madison Ave. and 57th St., offering the perfect location for staff and clients to gather. BHHSNYP expects to move into its new offices in the Fall of 2022; the space was previously occupied by Bonhams New York.
“We needed more space to accommodate our growing team as we continue to expand our presence across NYC,” said Candace Adams, President and CEO of Berkshire Hathaway HomeServices New England/New York/Hudson Valley Properties. “With plans to continue that growth trajectory over the next several years—and with our existing lease coming to an end—the timing was perfect. We are also thrilled to remain at the same location, further minimizing any interruption to our operations moving forward.”
Jeffrey Sussman of Edward J. Minskoff Equities, Inc. represented the landlord, the Board of the State Teachers Retirement System of Ohio (STRS Ohio) in the transaction. Jeff Berman of BHHSNYP represented the tenant, Berkshire Hathaway HomeServices New York Properties.
“We are heavily focused on creating a welcoming, modern and tech-forward office for our growing team, which has included some big-name teams and individuals attracted to the storied Berkshire Hathaway HomeServices brand,” said Diane Ramirez, Chief Strategy Officer of BHHSNYP. “590 Madison Ave. is a premier office destination that offers a full suite of amenities on one of the best corners in all of New York. We are excited to move into our new space as more people—workers and residents—return to the City as the market remains white-hot.”
Located on the corner of 57th St. and Madison Ave. in New York’s prestigious Plaza District, 590 Madison Ave. is a 43-story, 1,030,000-square-foot class-A office tower designed by Edward Larrabee Barnes. Known as the IBM building, the 1,030,000-square-foot tower features an iconic three-story atrium with a full-service restaurant and grab-and-go café, a new fitness center and studio designed by Equinox, a state-of-the-art golf simulator, a tenant’s lounge, 24/7 secure access and a private, tenants-only parking garage. 590 Madison Ave. is also the only building in the Plaza District in which tenants have the ability to directly tie-in, on each floor, to the building’s 3,000Kw Diesel Auxiliary Turbine Generator for continuous operation during power failures. Major tenants at the building include Crowell & Moring LLP, IBM, Tourneau, Morgan Stanley, Colony Capital, Bonhams, Aspen Insurance, Delphi Capital Management and Regus, respectively.
