Cornerstone Real Estate Advisers has selected Cassidy Turley as the new leasing and management agency for 551 Madison Avenue, it was announced today. The 150,000-square-foot property is located at the corner of 55th Street.
Cornerstone acquired the building in a transaction that closed at the end of December 2012, Jim Frederick, executive managing director and principal at Cassidy Turley, told The Commercial Observer earlier today.
The building was previously managed by Jones Lang LaSalle and leased by Cushman Wakefield, Mr. Frederick said. The sale was handled by CBRE.
“We have worked with their acquisitions staff on underwriting assignments in the past so there’s some in depth relationships, which helps speed the process,” he said.
The building is 92 percent leased, according to Mr. Frederick. “There isn’t a host of different opportunities there. There are a lot of existing tenants. This is in the absolute heart of the Plaza District,” he said.
Current tenants include DeBeers and a number of smaller law and money management firms.
The building boasts a total of 15,682 square feet of available space, according to a statement issued by Cassidy Turley today, including the entire 7,325-square-foot second floor, a 4,482-square-foot space on the third floor and 3,875 square feet on the 11th floor.
Cassidy Turley will look to fill available space with similar types of tenants, Mr. Frederick said. “We are looking at the boutique guy who is looking to walk from his apartment on Upper East Side or who wants easy access to Grand Central,” he said.
Peter Occhi, managing director at Cassidy Turley, will also be involved with management of the account.