By Sarah Trefethen
The Dubai-based private equity firm Abraaj Group has signed a lease for its first New York office at Boston Properties’ 510 Madison Avenue, according to a source familiar with the transaction.
Asking rent for the 5,000 s/f space on the 24th floor was between $130 and $135 psf and the group leased the new, high-end prebuilt space for ten years.
Founded in 2002 and with $7.5 billion in assets currently under management, The Abraaj Group “is a leading investor operating in the growth markets of Asia, Africa, Latin America and the Middle East,” according to the company website.
The firm’s investments range from a school operator in Dubai to a Moroccan pharmaceutical company and Middle Eastern fast food restaurants, according to some recent news reports.
Matt Leon and Aaron Maltz of Newmark Grubb Knight Frank represented the tenant. The landlord was represented by Adam Frazier of Boston Properties and Christie Harle of CBRE. None of the brokers were available for comment.
Boston Properties took over ownership of 510 Madison from its developer, Harry Macklowe, in 2010. The tenant roster at the 30-story tower on the corner of Madison and 53rd Street includes a long list of investment firms from around the world.
