Harry Macklowe’s 510 Madison Avenue Fills With Investment Firm
Terence Cullen March 30, 2015, 4:15 p.m.
The once-plagued 510 Madison Avenue is officially full after an investing firm signed a lease for an entire floor, Crain’s New York Business reported.
One Equity Partners has signed a 10-year lease for 11,500 square feet in the building between East 52nd and East 53rd Streets. The space spans the entire 19th floor and with an asking price of $120 per square foot.
A CBRE team led by Paul Amrich and Neil King represented the owner and developer, Harry Macklowe, who designed the 30-story, 350,000-square-foot building in the late 2000s specifically for boutique finance firms. A spokesman for the brokers did not respond to requests for comment. It was unclear who represented One Equity Partners in the deal and the firm declined to comment to Commercial Observer.
The building features a fitness club with a lap pool, ground-floor retail, and a garden terrace on the sixth floor. Tourneau watch sellers occupies space on the retail level.
The lease ends the saga of filling the 350,000-square-foot Midtown tower, which has a history stretching back to 2008. The building came into some trouble after the real estate bubble popped and it became difficult to lure tenants until 2010. Hedgefund J. Goldman & Co. was the building’s sole occupant until that point, but spent years in litigation trying to get out of its lease.
Mr. Macklowe fought to retain control of the building, fending off an attempted buyout from Douglas Durst, the chairman of The Durst Organization.
Mortimer Zuckerman’s Boston Properties purchased the building in 2010 and Mr. Macklowe became a minority owner. New York Observer reported that March that SAC Capital would lease 66,000 square feet on the building’s second through sixth floors. That was followed up that November with a 11,500-square-foot lease with Senators Investors Group that November, as CO previously reported.
By July 2013, the Canada Pension Plan Investment Board, 400 Capital Management and Prosiris Capital Management had each signed 10-year leases in the building—all for 11,500 square feet apiece.