Equity Investment Firm Relocates to Midtown East
Global equity investment company Beacon Light Capital has relocated roughly nine blocks south of its previous location through a seven-year, 7,178-square-foot lease for the entire 22nd floor of RFR Realty’s 350 Madison Avenue, Commercial Observer has learned.
The company moved to a space with two terraces in the structure between East 44th and East 45th Streets from a smaller spread at 1330 Avenue of the Americas between West 53rd and West 54th Streets. Officials at RFR, which purchased the building for $261.5 million last year, touted the building renovations.
“We’ve undertaken a substantial capital improvement program and repositioning at 350 Madison Avenue which, along with the building’s prime location just one block from Grand Central, is yielding positive results,” said Oliver Katcher, an executive vice president at RFR, in a prepared statement. “We’re excited to see Beacon Light Capital join the building’s roster of tenants.”
Mr. Katcher and a CBRE team comprised of Peter Turchin, Arkady Smolyansky, Ross Zimbalist, Ben Fastenberg, Zak Snider and Evan Haskell represented the landlord in the deal. “The tenant was attracted by the high-end, pre-built installation and boutique full-floor identity,” Mr. Haskell wrote in an email.
Alexander Chudnoff and David Okin of JLL negotiated on behalf of Beacon Light Capital. JLL representatives declined to comment.
Both RFR and CBRE officials would not disclose asking rents for the space, but asking rents for Class A buildings in the Grand Central area run for $64.19 per square foot, according to the latest quarterly report from Cushman & Wakefield.