Rudin Draws Real Estate Firm, Ad Agency to 40 East 52nd Street
Terence Cullen May 1, 2015, 5:10 p.m.
The Rudin Family has signed two new tenants to 40 East 52nd Street, Commercial Observer has learned, filling out the building.
Real estate firm Madison Marquette inked a seven-year lease for 7,808 square feet on part of the 15th floor, according to Rudin Management Company. Advertising agency Eric Mower + Associates signed a five-year lease for 4,575 square feet on a portion of the 12th floor of the 23-story building.
Asking rents in the building run from $60 to $70 per square foot, the company indicated.
Both are new tenants to the Midtown East building between East 51st and East 52nd Streets, and moved in this week, according to a spokeswoman. Madison Marquette is coming from 461 Fifth Avenue between East 40th and East 41st Streets, according to Rudin. The ad agency is moving three blocks over from 845 Third Avenue between East 51st and East 52nd Streets, also a Rudin Management property.
Robert Steinman of Rudin Management represented the landlord in both lease deals. Jonathan Schindler and Jordan Weiss of DTZ represented Madison Marquette, while Mr. Schindler and Bryan Boisi, also of DTZ, represented Eric Mower + Associates.
“It’s a Rudin building so you enjoy great management and a great owner,” Mr. Schindler told CO. “At the same time they were looking for a well-located building that gave them open light and air. All of those factors led both of those tenants to that conclusion.”
The 350,000-square-foot building is completely leased now, according to a news release from Rudin Management.
“We are continuously seeing strong leasing activity at 40 East 52nd Street, and we’re delighted to welcome Madison Marquette and Eric Mower + Associates to our building,” said Bill Rudin, the co-vice chairman and chief executive officer of Rudin Management, in prepared remarks.
Evercore, an investment banking advisory, inked a deal in March 2014 for 30,356 square feet on the entire 11th floor and part of the 12th floor, as CO reported. At that point there was only about 12,000 square feet left in the building. Other tenants include BlackRock, an investment firm, and Business Wire, a media company.