Two New Deals Signed at 105 Madison Avenue
By Gus Delaporte July 16, 2014 11:35 am
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Structural engineering firm GACE Consulting Engineers has signed the larger of two new leases at 105 Madison Avenue, Commercial Observer has learned.
The tenant has signed a 14.5-year deal for the entire, 13,350-square-foot sixth floor of the building. The firm will relocate from its current headquarters at 31 West 27th Street between late October and mid-November of this year, according to Paul Davidson of Newmark (NMRK) Grubb Knight Frank, who represented the landlord, A&R Real Estate.
In the second deal, Ambassador Construction signed a 10-year deal for a 9,100-square-foot portion of the fifth floor. The construction firm will relocate from SL Green’s 317 Madison Avenue property.
Asking rent for both spaces was $49 per square foot. The building’s entire 16th floor remains available for lease with asking rent of $58 per square foot. The floor boasts “marvelous views,” according to Mr. Davidson.
Mr. Davidson represented the landlord alongside Michael Frantz. GACE was represented by Alan Desino and David Ervolina of Colliers (CIGI) International. Ambassador Construction was represented by Michael Lenchner of Sage Realty.
As reported by Commercial Observer, A&R Real Estate signed two new tenants to leases at 105 Madison Avenue last year. Alok Industries signed a 17,600-square-foot lease across the entire fourth and a portion of the fifth floor. Public relations firm Prosek Partners signed a 13,350-square-foot lease for the entire seventh floor.
