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Deals & Dealmakers

The Moinian Group Signs Seven Full-Floor Office Tenants at 72 Madison Ave

The New York City office leasing market has not yet begun to fire on all cylinders, but you wouldn’t know that based on activity at The Moinian Groups boutique office property at 72 Madison Avenue. With the completion of a new transaction with advertising technology company Emodo, the developer announced today it has leased 38,000 square feet of space in the past year, with seven tenants each signing full-floor leases. The total activity accounts for approximately 64 percent of all leasable space in the 12-story loft office property in the heart of Midtown South.

“We made the strategic decision to offer built and furnished space at 72 Madison Avenue to smaller space users even as the office sector at large is still finding its footing,” said Ted Koltis, Executive Vice President of Commercial Leasing for The Moinian Group. “Tenants from a diversity of business sectors find our property desirable because of the location, floor-plates, and high-end furnishings we offer. Midtown South, especially around Madison Square Park, continues to be one of the most desirable office markets in the country.”

Situated between 27th and 28th streets, 72 Madison Avenue is just one block from Madison Square Park, and in close proximity to world-class restaurants, popular hotels, and bars and multiple transportation options, which have attracted nearby tenants such as SONY, Tiffany & Co., IBM, Whole Foods, and more.

Koltis added that the Colliers International agency leasingteamof Christel Engel, Robert Ptacek, and Franklin Wallach, which arranged all of the new leases on behalf of ownership, continues to see strong activity for the only two floors of available space that remain for lease at 72 Madison Avenue.

Among the new leases signed:

  • Emodo signed a long-term 5,354-sf office lease for the entire 3rd floor. Daniel R. Organ and Ryan McMahon, of Cushman & Wakefield, represented the tenant in the transaction.
  • Superfly, a music marketing and events company, signed a long-term 5,354-sf office lease for the entire 2nd floor. JLL Brian C. Gropler and Robert Romano, of JLL, represented the tenant in the new transaction.
  • Commonwealth Packaging Co., a custom packaging company,signed a long-term 5,354-sf office lease for the entire 4th floor. Michael A. Bench, of Voit Real Estate Services, and Alex Damario, of CBRE, represented the tenant in the transaction.
  • Monique Lhullier, a luxury fashion designer, signed a long-term 5,354-sf renewal for the entire 7th floor. There was no tenant broker on the renewal.
  • Mergeworld signed a long-term 5,354-sf office lease for the entire 10th floor. Mergeworld is a full-service marketing and advertising agency specializing in healthcare, life science, financial services, consumer goods, and retail. Brendan Cavender, of CBRE, represented the tenant in the transaction.
  • DirectBooks LLC signed a short-term 5,261-sf office lease for the entire 11th floor. DirectBooks is a communications platform for deal data, documentation and information exchange in primary markets. There was no tenant broker on this transaction.
  • CDW Direct LLC signed a short-term 5,354-sf office lease for the entire 12th floor. A Fortune 500 company, CDW is a leading multi-brand provider of information technology solutions to business, government, education and healthcare customers in the United States, the United Kingdom, and Canada. Ross Eisenberg, of RDE Advisors, represented the tenant in the transaction.

Designed by renowned architect George F. Pelham, 72 Madison Avenue offers tenants multiple desirable amenities, including hardwood floors, exposed ceilings along, a recently upgraded and beautifully designed lobby, 24/7 video surveillance, 24/7 access, full-floor spaces, open lofts, and daytime reception. Moreover, this building has abundant natural light due to its large operable windows in each of its units.

This highly sought-after boutique property is a short walk from another of the developer’s neighborhood offerings. Located between 26th and 27th Streets, 60 Madison Avenue is a 13-story, Class-A office building located adjacent to Madison Square Park, boasting extra-large windows, open floor plans, advanced telecommunications services with new fiber optic direct connectivity, and offering copious light.

Leasing at these office properties advances as The Moinian Group continues construction of its 200,000-sf Hudson Arts Building at 220 11th Avenue, expanding its investment and presence along the Far West Side. Known as The Moinian Mile, the developer owns more than 4 million square feet of real estate on 11th Avenue alone. Those properties include residential—The Oskar at 572 11th Avenue and Sky at 605 West 42nd Street, the largest luxury residential property in Manhattan—and commercial properties including The Hudson Arts Building and 3 Hudson Boulevard, a 1.9-million-square-foot office tower set to rise in the heart of the Hudson Yards District with JV partner Boston Properties.

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