Office of Comptroller of the Currency Stays at 340 Madison Avenue
Michael Ewing Nov. 22, 2013, 9 a.m.
The Office of Comptroller of the Currency will be renewing its lease in Midtown.
The OOC will continue to operate out of its massive 110,000-square-foot space at the RXR Realty-owned 340 Madison Avenue for another 10 years. In-house director of leasing William Elder represented the landlord and Ken Rudeman of Studley represented the tenant. Neither party returned call for comment.
The asking rent in the building is requested in the $60s per square foot.
Long Island-based RXR Realty purchased the 745,000-square-foot building for $570 million in 2010 as its first Manhattan investment. “It’s a mix of well-respected firms,” said William Elder, director of leasing at RXR. “A lot of them find the convenience of Grand Central being less than a block away very convenient.”
In addition to the OOC, several well-known companies call the building home including Sungard, McDermott Will & Emery, National Financial Partners, FILA, and Twitter, the popular micro-blogging platform.
However, there has been recent speculation that Twitter might be moving out of its offices at 340 Madison Avenue. The company initially opened its first New York office in 2011 when it sub-leased Facebook’s 11,000-square-foot office on the sixth floor. The exact terms of the deal were not disclosed, but it is inferred that Twitter is looking elsewhere to take a direct stake in New York real estate.
The next location appears to be Edward J. Minskoff Equities‘ 51 Astor Place in which Twitter is said to be in talks to take up to 100,000 square feet at the building with asking rents in the $90s per square foot. Mr. Minskoff denied the rumors when the Commercial Observer reached out for comment.
Twitter would be the building’s second tenant. Online auctioneer 1stdibs took the 42,232-square-foot third floor last month.