Mitsui Fudosan America has signed leases with three new tenants at 527 Madison Avenue, its 26-story trophy office tower located on the corner of 54th Street in the Plaza District.
Greenwich, Conn.-based hedge fund Lone Pine Capital, LLC, has leased the entire 8,102 s/f 16th floor in an expansion and relocation from its current NYC office that is planned for the fourth quarter of 2020.
Axium Infrastructure Inc., aportfolio management firm, is expanding and relocating from 410 Park Avenue, and signed a full-floor lease for 7,263 s/f on the 21st floor.
The two transactions follow a lease with Australia’s biggest pension fund, AustralianSuper, which leased the entire 7,400 s/f 20th floor.
“We are delighted to welcome Lone Pine Capital, Axium Infrastructure and AustralianSuper to 527 Madison Avenue,” said Slater Traaen, MFA’s director of Asset Management and Leasing.
“When such prestigious tenants select your property, it is always an affirmation of MFA’s commitment to the very highest standards of ownership, but to achieve such during a historic pandemic is humbling and a testament to the collective efforts of the tenants, brokers and ownership to make sure the needs of everyone could be best met as we move forward into our new normal.”
MFA completed a multi-million-dollar modernization of the distinctive 30-year-old property, which included a modern lobby of polished marble designed by MdeAS that features rotating art exhibitions.
Along with upgraded elevators and state-of-the-art security, a new, setback terrace was created on the 10th floor for tenant use. The owner also completed a floor-by-floor overhaul as part of a unique construction program tailored to exclusive clients, many of whom are involved in the financial sector.
MFA completed the buildout of AustralianSuper’s space earlier in early March, and the tenant is expected to move in this summer. MFA is also building out Axium’s space, with occupancy expected later this year.
Josh Friedman, Cooper Weisman, James Ritman and Janey Steinmetz of NKF represented Lone Pine Capital. Jeffrey Kilimnick and Anthony Manginelli of CBRE represented Axium Infrastructure. Paul Amrich, Neil King and Georgina Cook of CBRE represented AustralianSuper.
Jim Frederick, vice chairman with Cushman & Wakefield, and C&W Director Gordon Hough, are the building’s exclusive leasing agents and negotiated on behalf of ownership.
“Lone Pine Capital, Axium and AustralianSuper are terrific additions to a roster of leading tenants that includes Japan’s Shoku Chukin Bank, global investment firm SkyBridge Capital and fintech platform CAIS,” said Frederick. “Mitsui Fudosan America has perfected the art of creating first-class office environments for tenants who require a high degree of security, privacy and amenities.”
The leases bring the 240,000 s/f property to almost full occupancy. According to Frederick, there is a 3,623 s/f pre-built office available on the 12th floor.
