Talent Firm Expands in 11 Madison Avenue to 99K SF
Terence Cullen Aug. 11, 2015, 4 p.m.
Talent agency William Morris Endeavor has expanded its space at 11 Madison Avenue by one-third of its size.
The company signed an expansion of 33,000 square feet, giving the company about 99,000 square feet in the sprawling Midtown South building, according to The New York Post. William Morris Endeavor currently leases 66,000 square feet in the 30-story structure.
Asking rents were not immediately available, but a source told the Post they were in the triple digits per square foot.
Howard Fiddle, Zakery Snider and Brad Gerla of CBRE represented the landlords, the Sapir Organization and CIM Group, while Brian Goldman of Newmark Grubb Knight Frank and John Mambrino of Savills Studley represented William Morris Endeavor. CBRE declined to comment. Messrs. Goldman and Mambrino were not immediately available for comment.
Credit Suisse Group AG’s United States operations anchor the building with 1.7 million square feet, according to CoStar. Other tenants in the building include business review site Yelp, which leases 152,232 square feet and Fidelity Investor Center which has about 22,000 square feet.
This could be the last lease the landlord signs before the building sells to SL Green Realty Corp. The real estate investment trust in May announced it planned to buy the 2.3-million-square-foot building between East 24th and East 25th Streets for $2.29 billion, as Bloomberg reported.
While SL Green has yet to close on the sale, the public company has been raising cash to fund the massive buy. That includes selling off 120 West 45th Street for $365 million and an 80 percent stake in 131-137 Spring Street for $277.8 million—giving the REIT $648.2 million.