Finance Firm Leases Push 545 Madison Toward Half-Full
545 Madison Avenue
Financial services firms may be an endangered species, but at least three survivors have found a gleaming glass sanctuary at 545 Madison Avenue.
London-based hedge fund James Caird Asset Management has taken 7,175 square feet for 10 years. Apropos for these sinking economic times, the firm is named after the lifeboat that Ernest Shackleton used to rescue his Antarctic expedition.
Meanwhile, environmental investment firm RNK Capital is revving up for the explosion in carbon trading by taking 7,175 square feet for the next five years. It will be joined by Super Derivatives, which has signed a 10-year deal for 6,217 square feet in the building.
“Financial services firms are attracted to 545 Madison as unparalleled Class A space in Manhattan’s most desirable location,” said David Sigman, of building owner LCOR. “These tenants also value the building’s status as a leader in sustainable office space in New York City.”
The new leases bring the building’s occupancy to 40 percent, which has been transformed from ugly duckling to a chic LEED Gold trophy, in part thanks to nine-foot glass plates that replaced the 1950s brick. Once one of the Plaza district’s cheapest spots, asking rents for the recent deals were in the mid-$70s.
CB Richard Ellis has been representing LCOR since June. Patrick Heeg and Ryan Masiello of Jones Lang LaSalle represented James Caird. Studley‘s Jeff Peck represented Super Derivatives. Evan Margolin, also of Studley, represented RNK.
Crain’s first had news of the James Caird deal.