Financial Tenants Commit to 527 Madison Avenue
Gus Delaporte Sept. 19, 2013, 7:30 a.m.
Three financial services firms have signed leases at Mitsui Fudosan America’s 527 Madison Avenue, according to an announcement this week by Cassidy Turley, the landlord broker.
Nashville-headquartered brokerage Wunderlich Securities signed the largest of the three deals, securing the entire 8,600-square-foot 10th floor for five years. The tenant converted a sublease deal, set to expire in late fall, to a direct lease. Wunderlich, which has offices in 15 states, also operates in Downtown Manhattan at 200 Liberty Street.
Elsewhere in the building, hedge fund Long Pond Capital has signed a four-year deal for the entire 8,200-square-foot 15th floor. In order to secure the deal, Cassidy Turley helped secure an early termination of current tenant Sanders Morris Harris’ lease to help expedite Long Pond’s move in.
Rounding out the recent activity, Meru Capital renewed its lease for the entire 8,100-square-foot 17th floor for six years. All three deals were reported earlier this week by The Real Deal.
“Each of these companies were looking for premier office space in Midtown which led them to 527 Madison, an outstanding property that has recently been renovated and features full-floor layouts and city views,” said James Frederick, executive managing director and principal of Cassidy Turley, in a prepared statement. “We’re working directly with the ownership team at 527 Madison to enhance the tenant experience and provide the services requested to meet their needs.”
Mr. Frederick represented the landlord alongside Peter Occhi. Brian Hay, first vice president at CBRE, represented Wunderlich Securities. Long Pond Capital and Meru Capital were both represented by Daniel Madison of Newmark Grubb Knight Frank.
As reported by The Commercial Observer, Harman International Industries Inc. signed a 12-year lease at 527 Madison Avenue earlier this year.
Completed in 1986, 527 Madison Avenue was acquired by Mitsui Fudosan America in 2008. The landlord has recently completed lobby and elevator renovations.