LionTree Climbs Into 660 Madison
Daniel Geiger Oct. 17, 2012, 7:30 a.m.
LionTree LLC has signed a deal for 10,400 square feet at 660 Madison Avenue.
The company, founded by the former UBS executive Aryeh Bourkoff, will take a portion of the building’s 10th floor, where asking rents are around $95 per square foot according to the online leasing database CoStar.
After nearly falling into foreclosure during the downturn, the 500,000-square-foot (250,000 square feet of which are rentable by office tenants), 23-story office building was acquired by the Safra family, which controls a substantial banking empire based in Brazil. Since then, dealmaking has restarted at the building. Last year Falcon Edge, a hedge fund, took 9,000 square feet of space on the building’s 19th floor for big rents.
Barney’s, which owns its floors as a separate condo interest, leased space as well on the 10th floor earlier this year, in order to relocate offices from its existing space to create more room for selling merchandise.
Paul Amrich, a vice chairman at CBRE and one of the company’s top dealmakers, leads a leasing team that represents Safra at the property. Alex Chudnoff, a vice chairman at Jones Lang LaSalle who specializes in representing high-end tenants, led a JLL team that represented LionTree in the deal. Mr. Chudnoff also handled Falcon Edge’s deal a year ago.