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Deals & Dealmakers

Insurer doubles office space at 350 Madison

RFR Realty announced that that global specialist insurance broker JLT and investment firm Cetares Management have taken additional space at 350 Madison Avenue, its 25-story office tower in Midtown.
The 19,516 s/f ninth floor is currently the only space available at the property.

The leases were negotiated on behalf of RFR by AJ Camhi, Senior Vice President and Director of Leasing at RFR, along with a JLL team that includes Alexander Chudnoff, Mitchell Konsker, Daniel Turkewitz and Diana Biasotti.

JLT is a global organization of 10,000 specialists and one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services.

The US operations of JLT doubled in size from 19,516 s/f on the entire seventh floor to 39,032 s/f inclusive of the entire sixth floor. The new lease term is for approximately 10 years. Jared Freede and Ken Rapp of CBRE acted on behalf of the tenant.

Certares Management Corp. signed a 10-year, 19,516 s/f lease expansion for the entire eighth floor. F
“We are very satisfied with the successful repositioning of 350 Madison Avenue, and with the strong interest in the last remaining floor we should be 100 percent leased very soon,” said Camhi.

He noted that 350 Madison Avenue has become a primary hub for international businesses.

In addition to London’s AlphaSights, the roster of new tenants includes The Korea Society, the World Economic Forum, Bank Leumi and Jardine Lloyd Thompson Group.

In 2016, RFR signed over 135,000 s/f of new leases to bring occupancy up over 95 percent. The landlord recently completed a renovation that included the redesign of the building’s two-story, lobby.

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