Madison International Realty and CBRE announced that Madison, a leading real estate private equity firm, has signed a 12-year lease with Tishman Speyer for 25,000 s/f at 300 Park Avenue.
Madison is relocating from 410 Park Avenue where it currently occupies 14,000 s/f.
The expanded space on the third floor of the 26-story, 773,056 s/f tower, located between 49th and 50th Streets, will accommodate company growth for the next decade and allow for adherence to social distancing guidelines, said Ronald Dickerman, Madison founder and president. The firm is planning to relocate in mid-2021, he said.
“Madison is committed to New York and believes in the future of the city. Given our growth, we had been scouting for a new location with additional space even before the pandemic. The health, safety and productivity of our employees are paramount as they return to our workplace this fall. Our new offices in this premier Tishman Speyer building will provide us with ample room to meet social distancing protocols and allow for the continuing expansion of the firm,” Dickerman said.
Tishman Speyer Senior Managing Director Chris Shehadeh said, “We are excited to welcome Madison to 300 Park Avenue and applaud their long-term commitment to New York. We are happy that we could accommodate Madison’s evolving space needs and their desire to maintain their presence in one of Midtown’s most prestigious business districts.”
“Ron and his team have built a great business at Madison International Realty. Their commitment to growth in New York for the next 10-plus years is another positive data point for the city, office work and the importance of in person collaboration,” said Evan Fiddle of CBRE.
Madison International Realty specializes in acquiring partial ownership stakes, joint venture positions, and listed property shares in prime properties and portfolios in major markets in the US, UK and Europe. Since inception, Madison has raised $6.5 billion in capital commitments from more than 150 institutional investors worldwide and has invested in more than 185 million square feet of privately owned commercial real estate with a gross asset value $116.1 billion. In addition to New York, the firm has offices in London, Frankfurt, Amsterdam and Luxembourg.
Madison International Realty was represented by Howard Fiddle and Evan Fiddle of CBRE. Tishman Speyer was represented in-house by Gregory Conen and Samantha Augarten.