First Glimmer of Hope at Macklowe’s Old 510 Madison
510 Madison Avenue
Finally, the pitter patter of feet at 510 Madison Avenue won’t just be coming from the contractors.
Senator Investment Group has signed an 11-year lease for 11,500 square feet, a source familiar with the deal told The Observer. The hedge funders will take the entire 28th floor of the 30-story building, which otherwise sits completely empty.
The starting rent was “north of $100,” the source said, which puts it in line with the prime rents that prime buildings were fetching when it was built. There’s a lot of activity at the building right now, according to the insider, who added a number of leases are upcoming.
Mort Zuckerman‘s Boston Properties purchased the building for around $275 million from Harry Macklowe in September after months of agonizing by the beleaguered owner. The building is a relic, distant not in time but in attitude, with a pool, health club and all-glass design. It has since survived an electrical fire and the implosion of an empire, but Boston Properties plans to spend $15 million to finish the construction.
Jason Lund of Cushman & Wakefield represented the tenant. Paul Amrich of CB Richard Ellis represented the landlord.