When Community Counselling Service Co., LLC (CCS) needed new office space, Mitsui Fudosan America (MFA) responded with a quick lease at its boutique Class A office tower at 527 Madison Avenue.
Four floors at the building had just opened up after MFA helped another tenant with its unique space requirements.
In three short weeks, fundraising consultancy CCS fully negotiated a 12,550 s/f lease for the entire fifth floor, one of the four floors previously occupied by Sumitomo Mitsui Trust Bank, which recently moved to MFA’s 1251 Avenue of the Americas.
CCS previously occupied space at 461 Fifth Avenue, which had been developed and owned by MFA before it was sold to SL Green in 2003.
“Mitsui has a reputation for flexibility in working with potential occupants, which was demonstrated in CCS’ ability to quickly secure and commence build out of its new office space,” said Cushman & Wakefield vice chairman Jim Frederick, who along with managing director Peter Occhi, worked with MFA asset manager Keith Purcell and the tenant’s representatives, Savills Studley senior managing directors Patrick Gardner and Howard Poretsky, in the transaction. “The tenant couldn’t be more pleased.”
It’s that same flexibility that MFA showed its tenant Sumitomo Mitsui Trust Bank, which wanted to house its operations on one, larger floor at 1251 Avenue of Americas rather than the four separate floors at 527 Madison.
“There’s a reason why tenants like CCS and Sumitomo Mitsui Trust Bank choose to relocate into Mitsui’s buildings,” Frederick continued.
“It’s because of ownership’s impeccable management track record and strong commitment in partnering with its tenants, whether helping them secure expansion space, working as project manager on tenant build-outs, or building additional TI into the rent.”
In a separate transaction, 527 Madison also attracted an un-named endowment manager, which signed a new 7,550 s/f lease for the entire 14th floor. The tenant was represented by Cushman & Wakefield.
MFA will manage the build-out of the 14th-floor space for summer occupancy.
It also plans to reposition the remaining three Sumitomo Mitsui Trust Bank floors and is currently selecting a third-party design firm to pre-build one of those floors, reflecting the market’s desire for turnkey office space.
The 240,000 s/f, 26-story tower completed significant renovations in 2015, including elevator modernization and the addition of a MdeAS-designed lobby.
MFA is about to unveil a new, setback terrace on the 10th floor and rotating art gallery in the building.