FiftyOne Ecommerce Moving to 292 Madison Avenue
By Daniel Edward Rosen March 21, 2012 2:02 pm
reprintsEcommerce business FiftyOne Ecommerce will be moving from its fifth floor offices at 8 W. 40th Street to two floors of pre-built space at 292 Madison Avenue, the NY Post reports.
The company will be moving into the two floors, totaling 17,148 square feet, that was designed by The Mufson Partnership. One office, located on the 17th floor, will be 6,035 square feet, while the other floor, located on the 5th, will be 11,113 square feet.
Asking rents in the building are $55 per square foot.
Wendy Miller of Cassidy Turley represented the tenant in the deal. William Cohen and Ryan Kass, both of Newmark (NMRK) Knight Frank, represented the landlord.
“The floors were under construction, and we made de minimis changes to accommodate their specific use,” Mr. Cohen told the NY Post.
The deal comes amid reports that the Marciano brothers, the fraternal founders of GUESS jeans, bought the “fee” (or the ground portion of the property) of 292 Madison Avenue from SL Green (SLG) Realty Corp. last week for $85 million. The Maricanos also assumed the $59,098,946 mortgage on the property in this transaction.
The building is currently undergoing a capital improvement program, which will refurbish the lobby, its pre-built space, and common areas. Herald Square Properties’ Gerald Nocera is overseeing the management of 292 Madison Avenue.
FiftyOne Global Ecommerce offers e-commerce platforms and management to help online retailers sell their wares beyond America’s borders, according to its website. It has Sears Holding Corp., Macy’s, and Drugstore.com Inc. as clients, among others.
Earlier this month, the firm purchased Borderfree, a Canadian firm that offers similar e-commerce services.
drosen@observer.com
