Helmsley Spear, America’s oldest continuously operating real estate firm founded in 1866, has signed a new four-year sublease comprising almost 16,000 s/f for its headquarters office, in conjunction with Swig Equities, and Falcon Pacific Construction/Builders.
“Helmsley Spear and the related Swig Equities companies have experienced tremendous growth in recent months and this new space will accommodate our expansion of personnel,” said Kent M. Swig, president of Helmsley Spear.
“We look forward to adding even more accomplished professionals to our growing companies over the next coming months.”
The sublease comprises three-fourths of the 3rd floor at 444 Madison Avenue, totaling 15,775 s/f. The subtenant was represented by Helmsley Spear agents including Andrew Simon, Brett Zelner, and Kent Swig.
The sublandlord, Lincoln Financial, has moved to 299 Park Avenue and was represented by Mark Weiss and Jennifer Casey, both of Cushman & Wakefield.
Andrew Simon, Executive Vice President of Helmsley Spear, said, “This space is in a prime Midtown location and we knew it was an excellent opportunity to accommodate the ongoing growth of all our companies that will be locating there, and particularly Helmsley Spear.”
The various Swig Equities entities owned by Kent Swig, will be moving from approximately 8,000 s/f at 599 Lexington Avenue and doubling their space to accommodate the rapid growth of the firms.
Helmsley Spear has added more than 15 new agents over the past four months for a total of 35 agents, while Falcon Pacific has added several new staff to enable the firm to undertake the construction of new projects including a new 22 story hotel located at 36 West 38th Street, another hotel at 321 West 38th Street, as well as a new medical facility located on the Grand Concourse in the Bronx.
“This is an exciting time for our company,” said Joe Caraciolo, Chief Operating Officer for Falcon Pacific Construction, LLC. “As Falcon Pacific continues to take on new projects, we will now have expanded and prime office space for our staff of executives and support personnel managing current and future projects.”
444 Madison Avenue, formerly the Newsweek building, is a 42-story, Art Deco skyscraper originally built in 1929. The full block front property is a narrow high rise with setbacks that provide unobstructed views of both St. Patrick’s Cathedral and the New York Palace Hotel located in the historic Villard Houses on Madison Avenue.