LH Financial Relocates to 510 Madison Avenue in High-Priced Deal
LH Financial has signed a 10-year, 6,553-square-foot lease at 510 Madison Avenue, where asking rents start at $100 per square foot, The Commercial Observer has learned.
“[The firm’s current] layout and configuration are no longer conducive to their business and operations,” said Lance Leighton, assistant director at Studley, who represented the tenant. “As a result, they wanted to find a space that was more efficient for the firm.”
The firm, which is relocating from a commercial co-op at 150 Central Park South to the 14th floor of the Boston Properties (BXP) office building, expects to occupy by this summer.
Accustomed to Central Park views, LH Financial’s search took them to all Class A buildings in the Plaza District, focused on those with Park views, according to Mr. Leighton.
“After an extensive search, the firm decided that 510 Madison’s boutique floorplates, high-end finishes and tenant amenities trumped the importance of Central Park views,” Mr. Leighton noted.
Developed by Harry Macklowe and targeted toward hedge funds and boutique financial services companies, the 355,598-square-foot Class A building at 510 Madison Avenue features an executive fitness center, lap pool and a 6,500-square-foot garden terrace. LH Financial will join a host of other investment management firms in the building including SAC Capital, embattled Steve Cohen’s Stamford-headquartered fund.
Boston Properties acquired 510 Madison Avenue from Mr. Macklowe for over $280 million in 2011.
Mr. Leighton and Evan Margolin, senior managing director, of Studley represented the tenant in the transaction. Boston Properties was represented both by CBRE (CBRE) and in-house by Adam Frazier and Daniel Birney.