Mitsui Sumitomo Marine Management (USA), Inc. signed a new lease for the entire 18th floor at 527 Madison Avenue, the Class A office tower owned by Mitsui Fudosan America .
The insurance company will occupy the 7,500 s/f, move-in ready space in early September as part of its continued expansion in New York. The company will retain its current 560 Lexington Avenue location as its executive office.
“The new office accommodates our growing underwriting team in New York and its location is convenient for our current and prospective employees, as well as clients,” said Christopher Haarmann, president & COO of MSMM. “The readily available space also makes the move seamless, so our operations can continue with minimal interruption and maximum efficiency.”
“We are excited to have Mitsui Sumitomo Marine Management join 527 Madison’s roster of diverse businesses and are pleased to accommodate its growth with a full-floor availability of this size,” stated Jim Frederick, a vice chairman with Cushman & Wakefield and exclusive leasing agent for the building.
“The Plaza district is a highly desirable Manhattan submarket that is experiencing an increase in leasing activity and Mitsui Fudosan America is committed to providing tenants with turn-key solutions.
“Additionally, MFA is a sophisticated landlord capable of tailoring lease terms to tenant requirements and providing desired amenities,” he said.
MFA unveiled a new, setback terrace on the 10th floor overlooking the Plaza District, where tenants can host events. The 240,000 s/f, 26-story tower completed significant renovations in 2015, including elevator modernization and the addition of a MdeAS-designed lobby that serves as a rotating art gallery for local artists.
Currently, there is a newly constructed full-floor, pre-built available totaling 12,900 s/f on the fourth floor. Designed by LB Architects, its features include an open-concept kitchen, breakout areas and offices. “Its layout and design meets the needs and aesthetic of a variety of tenants in the market,” noted Frederick.
The tenant negotiated directly with Keith Purcell, vice president, Asset Management and Leasing for Mitsui Fudosan America, and Frederick. Frederick, Peter Occhi and Gordon Hough are exclusive leasing agents for 527 Madison Avenue.