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Investment firm takes 23,000 s/f at 520 Madison

JLL has completed a 23,411 s/f lease on behalf of Värde Partners, Inc. for the entire 34th floor of 520 Madison Avenue in Manhattan’s Plaza District. The tenant will be relocating from 510 Madison Avenue in 2022.

Cynthia Wasserberger, vice chairman, and Georgina Cook, associate vice president, represented Varde Partners in the transaction. Property owner Tishman Speyer was represented by Managing Director, Megan Sheehan.

Värde Partners is a leading global alternative investment firm with roots in credit and distressed. It employs more than 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe.

520 Madison Avenue, a 43-story Class-A office tower located on Madison Avenue between 53rd and 54th streets, offers more than one million square-feet of corporate office and retail space. Originally completed in 1982, the property features state-of-the-art amenities, including two leading restaurants, a sundry shop, barbershop, paddle tennis court, an outdoor plaza and views of Central Park and Manhattan.

“Current market dynamics make this an ideal time to seek top-quality space in New York City’s leading office towers,” Wasserberger said. “520 Madison provides a superior tenant experience, with modern infrastructure and an efficient floorplate, operated by one of Manhattan’s most well-regarded Landlords.”

Financial services firm Jefferies & Company occupies 473,079 s/f at 520 Madison Avenue, nearly half the building. Other notable tenants are Carlyle Investment Management, which takes 117,000 square feet of space, and Davidson Kempner Capital Management, which occupies over 70,000-square-feet

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