Asset Management Firm Expands, Relocates Within 444 Madison


444 Madison Avenue.
444 Madison Avenue. Photo: PropertyShark

Houston, Texas-based Salient Partners is expanding and relocating its New York office within the same building where it already has space, Commercial Observer has learned.

The asset management firm last week signed a 10-year direct lease for 4,512 square feet of prebuilt space on the 22nd floor of the former Newsweek Building at 444 Madison Avenue, according to a spokesman for Avison Young. Salient Partners, which has over $22 billion under management, has been a subtenant in the 42-story building, which is between East 49th and East 50th Streets, occupying about half the amount of space. The asking rent in the building was $82 per foot.

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Greg Kraut and Stephen DeFlorio of Avison Young’s New York office along with Houston’s Harry Holmes represented Salient, which is likely to relocate at the beginning of next year. CBRE‘s Paul Amrich, Patrice Meagher and Meghan Allen, who are the building’s agents, represented the landlord, Westbrook Partners, in the deal

“We are pleased to have worked with Salient Partners to identify the ideal space for its expansion into a permanent location in the New York market,” Mr. Kraut said via the spokesman. “This was an excellent opportunity to secure high-end pre-built space in a great location, with strong ownership in a newly renovated Art Deco building with great light and views.”

Ellis Lake Capital signed a lease in April 2013 for the entire 5,400-square-foot 40th floor, as Crain’s New York Business previously reported. TD Bank is also a tenant.

A spokesman for CBRE didn’t immediately respond to a request for comment.