Lease Beat

Sumitomo Inks 100K Sublease at 300 Madison

Japanese trading company Sumitomo Corporation of America has signed an 11-year, 98,454-square-foot sublease deal for the entire third and fourth floors at 300 Madison Avenue.

The tenant will relocate from its 74,000-square-foot space at 600 Third Avenue in November. SCOA’s new space at the Brookfield Office Properties’ building is being subleased from CIBC.

1-01276-0058.7htOrnml“SCOA currently occupies seven floors at 600 Third Avenue and they wanted to be on two contiguous floors,” said Marc Shapses, executive managing director at Studley, who represented the tenant, in a prepared statement. “In addition, they wanted to be near Grand Central in a newly constructed building with great value.”

With assets of over $7 billion, SCOA is a wholly-owned subsidiary of Tokyo-headquartered Sumitomo Corporation. The company’s business lines include chemicals and electronics, machinery and power and mineral resources and energy.

The 1.1-million-square-footy property at 300 Madison Avenue was designed by Skidmore, Owings & Merrill and built in 2003. Located a block west of Grand Central Terminal, the building boasts a tenant roster that includes PricewaterhouseCoopers.

“This is an ideal location for high-profile companies looking for great space, excellent amenities and unmatched access to transit,” added Michael Goldman, executive vice president at Studley, in the statement.

Messrs. Shapses and Goldman represented the tenant alongside Kinihko Otomo and Joe Messina. Sarah Pontius of Brookfield represented the sub-landlord in the deal, reported earlier by the New York Post.

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