The Moinian Group has awarded the leasing assignment for 60 Madison Avenue to Murray Hill Properties, The Commercial Observer has learned.
Newmark Grubb Knight Frank was the previous leasing agent at the 12-floor, 200,000-square-foot building at Madison Avenue between 26th and 27th Streets. Murray Hill Properties, which a source says won the assignment two weeks ago, plans to rename the building 2 Madison Park.
The building will also be redeveloped, with dramatic changes to the lobby and pre-built offices planned. Last August the real estate company DSA Management leased 2,200 square feet on the 11th floor in a deal with asking rents at $45 per square foot. The storied political magazine The New Republic is another notable tenant, having inked a deal there last September.
60 Madison Avenue is well-positioned to take advantage of the new media and technology boom that has been a driving force in pushing down vacancies and rising rents in the Flatiron District, just south of the building. “Obviously they’re a target for us,” said David Greene, president of brokerage services at Murray Hill Properties.
“We think that the larger technology tenants are lurking about and that many of the younger tenants are being driven out of the Flatiron District,” Mr. Greene said. “They’re moving up Madison Avenue and Park Avenue South in search of slightly better deals.”
Murray Hill Property’s focus will expand well beyond the tech and media sector as the company–which should welcome several new brokers in the next two months–continues to show the space.