Venture Capital Firm to Venture One Block North
Tobias Salinger Dec. 4, 2014, noon
Energy venture capital firm Braemar Energy Ventures will move its New York City offices about one block north to RFR Realty‘s 350 Madison Avenue through a new seven-year lease, Commercial Observer has learned.
The firm currently occupies space on the 18th floor of 340 Madison Avenue, but it will relocate to a 7,178-square-foot space on the 23rd floor of the Midtown East property that RFR purchased for $261.5 million last year.
“Braemar Energy is one of several recently signed tenants that we’re welcoming to 350 Madison Avenue following a recently completed and substantial repositioning campaign,” said Oliver Katcher, an executive vice president at RFR, in a prepared statement. “We’re happy to have the firm join and enhance our already impressive tenant roster.”
Mr. Katcher represented the landlord in-house in the transaction, while Cassidy Turley brokers Jonathan Schindler and Christina Campanella negotiated on behalf of the tenant. Representatives for Cassidy Turley declined to comment.
Global equity investment company Beacon Light Capital also migrated to 350 Madison Avenue in its own 7,178-square-foot space earlier this fall, as CO previously reported. RFR officials have implemented a redesigned lobby with interior landscaping, a coffee bar and a rotating arts program, as well as a new two-story entrance.
The RFR officials declined to disclose asking rents for the building, but Class A properties in the Grand Central area command average asking rents of $64.19 per square foot, data from the latest Cushman & Wakefield quarterly report says.