Architecture and Design Firm Inks 501 Madison Avenue Lease
Gus Delaporte Jan. 14, 2014, 3 p.m.
The architecture and design firm spearheading the repositioning of 501 Madison Avenue has decided to make the Plaza District building its new home.
Design Republic Partners has signed a 10-year, 8,939-square-foot lease for the entire 11th floor at the family-owned property, The Commercial Observer has learned.
“The tenant is a high-end design firm that does a large amount of office design as well as retail,” said Alex Jinishian, vice chairman at Colliers International, who represented KRW Realty Advisors. “This was the right size and the right location for them.”
Design Republic has previously completed work on behalf of Barclays Capital, CBS, David Yurman, Fendi and Hugo Boss. The company will relocate from 450 Park Avenue.
The thorough renovation of the 185,000-square-foot property includes new windows, a redesigned lobby, brand new elevators and the installation of a 400-ton cooling tower. The lobby renovation is expected to be completed within the next 30 days.
Following the Design Republic lease, there remains approximately 75,000 square feet of space available at 501 Madison Avenue. The landlord brokers currently have leases out on 35,000 square feet of that space.
The Art Deco office property boasts floor plates ranging from 1,826 to 8,938 square feet. The property also features 8,800 square feet of available retail space on the ground and second floors.
Mr. Jinishian, Robert Freedman, Seth Hecht, and Timothy Pond of Colliers represented KRW Realty Advisors in the leasing transaction.