Real estate investment and private equity firm World Class Capital has signed a lease for 2,723 square feet at Boston Properties’ 540 Madison Avenue, where asking rents range from $80 to $90 per square foot.
“They were looking to open up a New York office that reflected their business model,” Gabe Marans of Studley, who represented the tenant, told The Commercial Observer. “They wanted to be in a boutique building that had easy access to transportation and that was centrally located on the island.”
The firm moved into a prebuilt suite on a portion of the 39-story building’s 29th floor shortly after closing the lease in March. The space at 540 Madison Avenue is World Capital Group’s first New York office. The firm is headquartered in Austin with an additional office in Dallas.
World Class Capital’s lease is just one of a number of leases at the Plaza District building Boston Properties revealed this week. Oak Circle Capital Partners, Trishield Capital Management, Waterfront Capital Partners and a handful of other boutique financial firms have also recently signed leases at the property.
Acquired with Two Grand Central Tower by a Boston Properties joint venture from Macklowe Properties for a combined $705 million in 2008, 540 Madison Avenue features floor plates ranging from 4,000 to nearly 11,000 square feet.
Earlier this year, Bank of East Asia elected to relocate from 202 Canal Street to the 10th floor of 540 Madison Avenue, a space formerly occupied by SAC Capital, which moved to a nearby Boston Properties building at 510 Madison Avenue.
Greg Taubin and Mr. Marans of Studley represented the tenant. Boston Properties was represented by Jones Lang LaSalle through Cynthia Wasserberger, David Kleiner and Randy Abend.