Park Tower Group, a prominent real-estate developer and manager, and internationally acclaimed law firm Fried Frank announced an agreement today to relocate the law firm’s Midtown Conference Center to 535 Madison, Park Tower Group’s prestigious Plaza District office tower.
Fried Frank, which is headquartered in lower Manhattan, will occupy 14,375-square feet encompassing the entire 10th floor of the 37-story Midtown Manhattan building as part of a 15-year lease. The firm is expected to move the conference center from its current 11,703-square-foot location in the Seagram building in early 2024. While Fried Frank remains committed to its long-term footprint downtown, the midtown conference center will continue to serve as an additional and premiere location, offering convenience to the firm’s Midtown clients.
Fried Frank is the fourth major firm to sign on to 535 Madison in 2022 as Park Tower Group previously secured agreements with Bain Capital NY LLC, FTV Management Company, Garda Capital Partners and Saratoga for a combined 45,315 square feet. The tower is near 100 percent occupancy, and Park Tower Group is in active negotiations with a tenant for the sole-remaining available floor.
“We could not be more thrilled that Fried Frank chose 535 Madison Avenue as their new home for their esteemed Midtown Conference Center,” said Marian Klein, President at Park Tower Group, whose headquarters are in the tower. “535 Madison has proven to be a prime destination for innovative firms that thrive on collaboration, creativity and motivated workforces, and we warmly welcome Fried Frank to that mix.”
“We look forward to hosting our clients in this beautiful new space, and we thank Park Tower Group for working with us in making this move a success,” said David J. Greenwald, Chairman of Fried Frank.
Located on the northeast corner of Madison Avenue and 54th Street, 535 Madison is a signature work of art in the New York skyline defined by its pure sculptural form of glass and aluminum. Park Tower Group partnered with Deborah Berke of Deborah Berke Partners on an elegant modernization of the tower. Their redesign of the grand entrance lobby and elevators blends seamlessly with Edward Larrabee Barnes’ original architecture.
“We are incredibly excited to expand our space onto a full-floor in such a fantastic property, giving our attorneys and our clients access to premier artwork, acclaimed restaurants and top-of-the-line amenities,” said Jonathan L. Mechanic, Chairman of Fried Frank’s Real Estate Department. “Fried Frank has a long history of friendship, admiration and respect with Park Tower Group, and we are thrilled to strengthen our ties with Park Tower through this commitment to 535 Madison.”
Prior to COVID, Park Tower Group introduced a 6,000-square-foot amenity and fitness center. Thoughtfully laid out with modern furnishings, contemporary art and striking lighting features, it is a serene space intended as a convenient, healthy work-life balance. The fitness center, run by LivUnLtd, features premium equipment, including Life Fitness machines and Peloton bikes. Other amenities include private showers, Zoom rooms and nap rooms/mothers’ rooms.
Through a unique partnership between Park Tower Group and Christie’s auction house, 535 Madison is also home to Christie’s Sculpture Garden – an exhibition space that showcases major artwork curated by Christie’s in the outdoor public plaza and indoor lobby.
The Class A, boutique office property is situated close to a collection of high-end shopping, restaurants, hotels and entertainment, like The Polo Bar, The St. Regis New York and the Museum of Modern Art. The building is a short stroll to Central Park and six subway lines.
Fried Frank was represented by its longtime advisors at CBRE, which includes Steve Siegel, Craig Reicher (a former Fried Frank partner), Tim Dempsey, Ramneek Rikhy and Marlee Tepliztky. The firm was also represented by Jonathan L. Mechanic, Fried Frank partner Jennifer Yashar and associate Jackson Cole. A CBRE team of Brian Gell, Vice Chairman, and Laurence Briody, Executive Vice President, represented Park Tower Group in the transaction, along with Kenneth W. Sold, Partner at Loeb & Loeb.
Fried Frank has more than 650 lawyers located in the key finance and government centers of New York, Washington, DC, London, Frankfurt and Brussels. The firm provides highly commercial guidance on complex matters and sophisticated transactions, and develops effective litigation strategies to address its clients’ most critical challenges.
Fried Frank’s Real Estate Department is the top in its field. With broad experience in all aspects of commercial real estate law, the team regularly represents its clients in all facets of commercial real estate transactions.
More information can be found at www.friedfrank.com.
