Financial Services Firm Relocates on Madison Avenue
Al Barbarino Jan. 17, 2014, 3:07 p.m.
Financial services firm Sontag Advisory has signed a 15,875-square-foot lease for the entire fifth floor at 295 Madison Avenue, relocating from its offices just two blocks away at 261 Madison.
The deal doubles the firm’s office space after a one-and-a-half year search focused on finding an existing built space rather than expanding at its previous location.
“Tenant was focused on finding an existing built space and readapting it rather than building out a new one from the ground up,” said Howard Epstein of EVO Real Estate Group, who represented the tenant, in an email. “The perimeter offices and an open landscape design gave Sontag Advisory what it wanted: attractive, modern, efficient offices without the extra costs and time commitment of a build-out.”
Asking rents for the space were $58 per square foot and Sontag expects to be fully moved in by March 1.
City records show that Westbrook Partners and Moinian Group sold 295 Madison to The Eretz Group for nearly $213 million in September. The Westbrook/Moinian venture had reportedly paid $180 million for the property in 2007.
“New ownership made it easy to get a deal done fast,” Mr. Epstein added during a phone interview. “They wanted to stay around the Grand Central area and this is a space they will grow into.”
The Eretz Group also owns 39 West 38th Street in the Garment District and in 2012 the firm reportedly sold a building in the garment district at 256 West 38th Street to GreenOak Real Estate and East End Capital for $30 million.
A Murray Hill Properties team led by David Greene represented the landlord.