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Construction & Design Deals & Dealmakers

Mitsui Fudosan courting midtown tenants with rare full-floor buildout

527 Madison Avenue is offering a rare built-out, full-floor space in Midtown’s Madison/Fifth Avenue corridor from a landlord known for its flexibility and attention to tenants’ unique occupancy needs.

Mitsui Fudosan America (MFA), owner of the boutique Class A office tower, this week completed a high-end installation on the fourth floor, spanning 12,500 s/f and featuring a modern and airy open-floor plan with high ceilings and natural light.

Reception
Reception

There are 41 direct full-floor availabilities between 10,000 s/f and 15,000 s/f in the Madison/Fifth Avenue corridor. Of those, only three are full-floor pre-builts, according to a 2016 fourth-quarter report from Cushman & Wakefield.

“This is a tremendous opportunity for a mid-sized tenant to lease state-of-the-art, turnkey office space that is ready to impress from day one,” said James Frederick, vice chairman of Cushman & Wakefield, who is marketing the space with Peter Occhi, a senior director at the company. “Especially in this particular part of Midtown, these availabilities are hard to come by.”

527 Madison Avenue’s full-floor pre-built incorporates a contemporary design by LB Architects.  The open-concept kitchen features Shaw Quiet Cover plank flooring, Caesarstone countertops, custom cabinetry, and stainless steel appliances.  Expanded bathrooms are detailed with the handiwork of Artistic Tiles’ Hip Herringbone Detroit Blues. The elevator lobby and reception area have large-format polished marble tile and woven wallcovering.

The office space
The office space

The entire space is flooded with sunlight streaming through the full-height glass office fronts and doors.  The tall, slab height allows for a recessed ceiling over open-plan desks for a combination of indirect and natural light. The addition of lounge-style breakout areas and constructed offices and conference rooms takes into account a variety of tenant uses.

“This design and layout can accommodate the space needs and aesthetic desires of many types of tenants from a financial services company to a TAMI firm, both of which make up a significant portion of new leasing activity in Midtown,” said Occhi.

The space was previously occupied by Sumitomo Mitsui Trust Bank, which relocated to another MFA building, 1251 Avenue of the Americas, to meet its operational requirements.

Pantry
Pantry

“That move created a timely window of opportunity to build the space out for a full-floor tenant desiring move-in ready conditions,” said Frederick.

The 240,000 s/f, 26-story 527 Madison Avenue underwent significant renovations in 2015, including elevator modernization and the addition of a MdeAS-designed lobby.

The building, which has subway access to the E, M and 6 lines, offers a terrace on the 10th floor for all tenants and a rotating art gallery featuring emerging and mid-career artists in the lobby.

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