The accounting firm has finalized their purchase of another accounting firm, Pustorini Puglisi, and will be adding an additional 10,311 square feet to their presence of 13,081 square feet in the building. Grassi & Co. currently operates out of the 21st floor but will be customizing and constructing their new addition on the 23rd floor, slated to be completed in the middle of January 2013.
“Grassi & Company was a tenant of the Feil Organization for many years on Long Island at 2001 Marcus Avenue in Lake Success,” said David Turino, a representative from the Feil Organization. “The CEO, Lou Grassi, knows Jeffrey Feil personally and called him when he realized we owned 488 Madison Avenue.”
“There was a high level of trust from their years as a tenant of ours in Lake Success,” he continued. “Grassi & Company is a well respected mid-market accounting firm pursuing an aggressive strategy of growth by acquisition and we are pleased to have them as a tenant at 488 Madison Avenue.”
Mr.Turino was the exclusive broker on the transaction, representing both Grassi & Co. and the Feil Organization.
The building is one of the Feil Organization’s older acquisitions having been acquired in the 1970s. 488 Madison Avenue is currently undergoing a lobby renovation that will include updated elevators and a new retail facade.
Availability in the building is tight with less than four percent available through subleases in the 447,000 square foot building. The asking rent was not disclosed on the detail, but the general rate is in the low $60s for the subleases, according to CoStar.