Tishman Speyer and The Cogswell-Lee Development Group have together bought the landmark 19-story Art Deco office building known as the Madison-Belmont Building.
The New York Post first reported news of the $185 million sale of 183 Madison Avenue, near 34th Street today, from Argentinian investment company IRSA, noting that the purchase price translates to $674 per square foot.
Los Angeles-based ad sales automator Rubicon Project inked a 5-year, 12,358-square-foot lease to move its offices across the street to 180 Madison Avenue in Midtown, Commercial Observer has learned.
The new lease with asking rents of $57 per square foot at the 24-story, 200,000-square-foot building where the company has already moved into the entire 14th floor gives the firm an upgrade over its previous partial-floor space at 183 Madison Avenue, said Savills Studley broker Allyson Bowen, Rubicon’s representative in the transaction.
Mundi Westport Group is renewing its lease in Midtown.
The manufacturer and distributor of leather goods for labels such as Mundi, Kenneth Cole, Timberland, Joseph Abboud and Marc New York has added an additional 10 years to its 15,592-square-foot lease at 183 Madison Avenue.
The Barcelona-based fashion and fragrance company Puig signed a 10-year lease for a 7,240-square-foot penthouse office space at 183 Madison Avenue, The Commercial Observer has learned. A 1,200-square-foot terrace sweetens the deal, which brings the 257,000-square-foot building to 99 percent occupancy just two years after it had been half vacant.
Harry Blair and Sean Kearns of Cushman & Wakefield, along with Gerard Nocera of co-asset manager Herald Square Properties, represented the owner, Inversiones y Representaciones Sociedad Anóma. Mark Weiss and Rob Eisenberg of Newmark Grubb Knight Frank represented the tenant. Asking rent was $75 per square foot.
William Reed Business Media has signed a deal for their permanent New York office.
The well-respected United Kingdom-based media publishing company has signed a deal at 183 Madison Avenue for a 1,550-square-foot office on the 15th floor to house the firm’s team in the United States.
“They initially started out with a temporarily location,” said Read More
The Spector Group, an architecture, interior design, and master planning firm, will be moving from their headquarters at 19 West 44th Street to 183 Madison Avenue.
The new space at 183 Madison will span 13,000 square feet, with an emphasis on keeping an open floor plan.
“It brings about a connectivity, an interaction, that I feel is necessary in a creative environment, such as what we are in,” said Scott Spector, principal of Spector Group.
It was some time around 2010 when Grant Greenspan—a 50-year-old real estate broker to denim makers in the 1980s and 1990s—came around to his company’s view that investing in a building in Midtown South would be, shall we say, a financially prudent decision.
His company, the Kaufman Organization, had been considering the acquisition of 183 Madison Avenue and 100-104 Fifth Avenue, but both buildings came with risk.