Marcus & Millichap will move its New York office across the street to 260 Madison Avenue after signing a lease with the Sapir Organization.
The California-based real estate investment firm is leaving 270 Madison Avenue for a 37,000-square-foot space at 260 Madison Avenue, The Real Deal first reported. The 10-year lease puts Marcus & Millichap on the fifth floor of the building between East 38th and East 39th Streets.
Marcus & Millichap will be able to hold about 250 employees in the new digs. Its lease between 39th and 40th Streets with ABS Partners will expire later this year, at which point they’ll head up the avenue, TRD reported. The firm expanded its office space in 270 Madison Avenue by 6,100 square feet in July 2013.
Cushman & Wakefield’s Alan Wildes represented Sapir in the deal, and Marcus & Millichap was represented in-house by Jeffrey Nissani. The asking rent was in the low-$60s per square, according to the paper.
Both Messrs. Wildes and Nissani were unavailable for comment.
Marcus & Millichap’s new neighbors include McLaughlin & Stern, one of the oldest law firms in the city, which in 2010 inked a deal for two floors in the building, as Commercial Observer previously reported. The Screen Actors Guild and American Federation of Television and Radio Artists offered a three-year sublease last July for 20,471 square feet on the seventh floor. And primary research firm Cognolink signed a seven-year lease at the building where it nearly doubled its office size from its previous location at 411 Fifth Avenue.