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Deals & Dealmakers

Solomon Page expands to 52,000 s/f at 260 Madison

CBRE announced that the Solomon Page Group, an executive search firm, has renewed and expanded its lease at 260 Madison on a long-term basis.

The firm will now occupy 52,453 square feet of newly built, contiguous space on the building’s entire fourth floor and on part of the third floor. Solomon Page previously occupied space across the third and seventh floors of the property owned by The Sapir Organization.

CBRE’s Peter Turchin, Gregg Rothkin, Brett Shannon, Tim Freydberg and Jared London served as the exclusive leasing agents for the building and arranged the lease on behalf of ownership. Asking rent in the deal was in the mid $60s per square foot.

“The renewal and expansion by Solomon Page is a validation of ownership’s ongoing, hands-on attention and commitment to this property and its tenants,” said Turchin of CBRE.

“In addition to building out a brand-new space for Solomon Page, The Sapir Organization plans to undertake a major capital investment at 260 Madison Avenue that includes the installation of new windows and a façade renovation.”

Rothkin continued, “Ownership has already completed a similar upgrade project at 261 Madison Avenue, where new windows were recently installed and prebuilt offices with private terraces have been constructed. In addition, 261 Madison Avenue’s lobby will soon undergo a cosmetic upgrade. These improvements emphasize Sapir’s long-term commitment to both buildings and will provide tenants with improved operational efficiencies and create a modern aesthetic.”

Alex Sapir of The Sapir Organization added, “Solomon Page has been a great tenant at 260 Madison Avenue. We take great pride in renewing tenants in our properties, solving their real estate needs and building modern spaces that will let their businesses flourish in a rapidly changing world.”

260 Madison Avenue is a 550,000 s/f building situated between 38th and 39th Streets, in close proximity to Bryant Park and to Grand Central Terminal. Tenants at the building include McLaughlin & Stern, Coca Cola North America, Epix Entertainment, Hanesbrands and JP Morgan Chase.

Chris Mongeluzo, Moshe Sukenik and Eric Zemachson of Newmark Knight Frank represented Solomon Page Group in the lease negotiations.

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