The William Kaufman Organization (WKO) has just signed another full floor lease transaction at its 437 Madison Avenue tower.
Global investment firm Lighthouse Investment Partners, has finalized a long-term, 17,750 s/f office lease encompassing the entire 21st floor of the 40-story, 850,000 s/f trophy property in Midtown East.
The firm, which is currently located at 680 Fifth Avenue, expects to relocate during the second quarter of 2017.
The new deal for Lighthouse Partners is the third major lease signing in recent weeks at 437 Madison Avenue.
At the end of 2016, Sage Realty Corporation, the leasing and management division of WKO, completed two new office transactions for law firm Montgomery McCracken Walker & Rhoads LLP (28,297 s/f) and investment management firm Prelude Capital (19,524 s/f).
According to Michael Lenchner, vice president and director of leasing at Sage Realty Corporation, the leasing activity is the result of WKO’s recently completed, multi-million capital improvement program, which features a redesigned lobby and arcade area, a new plaza, renovated elevators, upgraded building systems and a 15th floor “sky lounge” with outdoor conference rooms, sunrise yoga classes and spectacular views of St. Patrick’s Cathedral.
“437 Madison Avenue has been incredibly well-received by the market following our spectacular renovation project,” Lenchner said.
“We’re delighted to welcome Lighthouse Partners to our prestigious tenant roster at the property. We’re confident that they will benefit from our exciting new amenities and our building’s close proximity to all major transportation hubs, shopping and dining.”
Scott Perkins, Executive Managing Director at Lighthouse Partners, said that “437 Madison Avenue was the great fit for Lighthouse’s expanding presence in New York City” and that the recent upgrades in the building “made it stand out from the other properties Lighthouse considered.”
Lenchner, along with a Jones Lang LaSalle leasing team of Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster, represented building ownership in the long-term transaction for Lighthouse Partners. Keith Caggiano and Gary Davies of CBRE represented the tenant. Asking rents in the building range from $80 to $110 per square foot.
WKO is currently marketing a contiguous block of 38,178 rentable square feet on the building’s top two floors (39th and 40th) that are available for long-term lease immediately. These floors, which can be leased separately, are each 19,089 square feet.
Originally built in 1967 and designed by the renowned architectural firm Emery Roth & Sons, 437 Madison Avenue is home to a tenant roster that includes Omnicom Group Inc., Medallion Financial Corp. and Kekst and Company and Carnegie Corporation of New York.