Kensico Puts 30K SF on Market in Plaza District
By Terence Cullen July 27, 2015 6:41 pm
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Kensico Properties is looking to fill 30,000 square feet of space of its Art Deco office building, Commercial Observer has learned.
Sam Seiler and Arkady Smolyansky of CBRE (CBRE) are marketing 509 Madison Avenue, which has 160,000 square feet of leasable space in total. The 85-year-old building sits at the corner of East 53rd Street. A slew of leases are set to expire in the coming years at the 22-floor structure, according to a source familiar with the building.
Average asking rent in the building is $75 per square foot, according to a CBRE spokesman.
Current tenants include CITIC Capital Track, Lone Pine Capital and Seven Harbour Global, according to CBRE. In a press release from the brokerage, Mr. Seiler said he and Mr. Smolyansky were going to continue drawing finance-focused companies.
“This building is in the heart of the Plaza District, yet it possesses an intimate and exclusive community feel, which we believe will be a strong attraction for prestigious financial firms,” Mr. Seiler said in prepared remarks.
Kensico opted for the pair based on their existing work in the Plaza District representing landlords such as SL Green Realty Corp., Boston Properties and the LeFrak Organization.
“Sam and Arkady have deep experience representing tenants and landlords within the high-end midtown market, along with extensive relationships with brokers who also specialize within this niche community,” said Fouad Chartouni, a principal of Kensico Properties, in prepared remarks.
