Construction Manager Moving to RFR’s 275 Madison Avenue
Terence Cullen Sept. 25, 2015, 10 a.m.
A company that specializes in construction planning and execution is taking new offices within Midtown East, Commercial Observer has learned.
Cumming Construction Management is relocating to RFR Realty’s 275 Madison Avenue between East 39th and East 40th Streets in a seven-year deal. The company will be taking about 6,000 square feet on part of the eighth floor, according to a source familiar with the deal.
The move won’t be all that far for the company: it’s currently based two blocks away at 1 Grand Central Place, or 60 East 42nd Street,between East 41st and East 42nd Streets. The firm will practically double its space from the 3,000 square feet in which it’s currently based, according to CoStar data. The asking rent in the 275 Madison Avenue deal was $66 per square foot, the source said.
Massey Knakal Realty Services, now part of Cushman & Wakefield, renewed and expanded at the building in July 2014 to take a total 40,738 square feet at the 360,000-square-foot building. The firm remained at 275 Madison Avenue following its $100 million acquisition by C&W earlier this year. Relmada Therapeutics, a pain treatment pharmaceutical company, in July signed a deal for 5,790 square feet on the seventh floor, as CO previously reported. Earlier this month, RFR signed Fields Good Chicken to 4,066 square feet in the retail portion of the building, making it the Lower Manhattan-based restaurant’s second location in the city.
Kirill Azovtsev and Jim Wenk of JLL represented Cumming Construction Management in the deal. A JLL team led by Mitchell Konsker and RFR’s AJ Camhi represent the landlord in leasing at the building. Mr. Azovtsev declined to comment.
“We’re pleased to have Cumming Corporation as a tenant in the building, where it joins a roster of impressive tenants,” Mr. Camhi said in a statement. “This beautiful, Art Deco building is steps from both Grand Central and Bryant Park and continues to draw substantial interest.”