New Financial Services Firm Signs First Lease [Updated]


527 Madison Avenue.
527 Madison Avenue.

New financial services technology firm GR Tech has signed a lease for its first office at Mitsui Fudosan America’s 527 Madison Avenue, Commercial Observer has learned.

GR Tech took 7,500 square feet, or the full 18th floor, in the building between 53rd and 54th Streets. The company moved in on Sept. 18 after signing a Labor Day deal. The office serves as the headquarters for GR Tech’s trading operation.

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Cassidy Turley‘s James Frederick and Peter Occhi represented the landlord in the deal. Interactive Properties Corp.‘s Michael Elkin represented GR Tech.

“The spacious, full-floor layout is ideal for GR Tech’s operations,” Mr. Frederick said in a prepared statement. “The column-free space allowed the firm to commence operations two weeks after the lease was signed. Also, the tower is located in the center of the Plaza District, a highly desirable area that has become increasingly popular among hedge funds and money managers.”

The asking rent was in the upper $80s per square foot, a spokesman for Cassidy Turley said. He declined to indicate the length of the lease.

Mr. Elkin said his client liked the layout of the space, which includes a trading desk.

Update: This story was edited to include remarks from the tenant’s broker.