Midtown South is crammed full and buildings at the hot neighborhood’s periphery continue to benefit from its popularity.
Executives at Colliers International announced yesterday that they leased over 55,000 square feet at 136 Madison Avenue.
Regus, an office suite company, took just under 37,000 square feet at the property and Sunshine Sachs & Associates, a public relations firm, leased 18,400 square feet. Both tenants signed 10-year deals for the space. Rental rates were not released.
Richard Rosenhaus, principal of Rosenhaus Real Estate, represented Regus in its lease and Andrew Peretz and William Levitsky, executives at Cushman & Wakefield, handled Sunshine Sachs’s deal.
Now, only only floors two and 11 remain vacant at the property, each about 20,000 square feet in size.
“As savvy tenants find fewer choices… they are migrating to alternatives in the surrounding districts,” Andrew Roos, a vice chairman at Colliers, said. “136 Madison Avenue is becoming a very desirable alternative.”
Mr. Roos helped arrange the deals and his family is a part owner in the 17-story, 150,000-squareoot tower, along with Carmel and Cohen families, both of which have family members who also active in the leasing business at Colliers. Michael Cohen, who also works with Mr. Roos leasing 136 Madison Avenue, is chief executive of Colliers’ Manhattan office.
Between 31st and 32nd Street, 136 Madison Avenue is part of an emerging corridor just north of Midtown South that has served as an area for overflow. Just a few blocks north of Madison Square Park, lower Madison Avenue is still in proximity to one of Midtown South’s most popular amenities. Mr. Roos also described the lobby in 136 Madison as “museum-like” and one of the attributes that has helped spur the recent activity.