The Rudin Family announced today that it has completed a 15-year, 13,801 s/f office lease with The Henry Luce Foundation at 41 Madison Avenue in Midtown South.
The nonprofit organization, which focuses on arts and education, will encompass the entire 27th floor of the 42-story, 500,000 s/f building. The foundation plans to relocate from 51 Madison Avenue to 41 Madison Avenue in May 2022.
“The Henry Luce Foundation is an organization that is well-known for promoting education and the arts in communities locally, nationally, and around the world,” said Michael Rudin, Executive Vice President at Rudin Management Company, the operating arm of Rudin Family holdings. “We are excited and proud that they have chosen 41 Madison as their new home base as they continue to advance their mission of increasing educational opportunities and international understanding.”
“We look forward to occupying our new offices at 41 Madison,” said Mariko Silver, President of the Foundation. “The re-designed space will help us to carry out our work even more effectively.”
The Henry Luce Foundation was represented in negotiations by John Nugent and Liz Lash of CBRE, while Robert Steinman, Senior Vice President at Rudin Management Company, represented building ownership in-house.
With the new transaction, Rudin has successfully completed approximately 30,000 s/f of new office leases at 41 Madison Avenue within a span of two months. Other recent signings include alternative investment manager Limekiln Real Estate (6,306 s/f), hedge fund Polar Asset Management Partners (5,087 s/f), and digital home building firm Welcome Homes (4,761 s/f.
The foundation will benefit from a number of capital improvements at 41 Madison Avenue. In 2019, Rudin completed a total transformation of 41 Madison’s lobby and public spaces designed by Skidmore, Owings & Merrill (SOM).
41 Madison Avenue is WiredScore Platinum and utilizes the Nantum operating system, a smart building platform developed by Rudin’s start-up technology company, Prescriptive Data, to save money, make tenants more comfortable, and increase energy efficiency. Tenants will also have access to MEET on Madison, the newest location of MEET Hospitality, a meeting and event venue that redefines the office workspace and offers customized serviced events.
Major tenants at the building include 24Seven, The Gersh Agency, Water Island Capital, Rosenthal, Wedgwood and Ralph Lauren Home. It is also home to Mark’s Off Madison, a new restaurant and bakery from renowned celebrity chef Mark Strausman, the creator of Freds at Barneys New York.