Investment Adviser Signs Early Renewal, Expansion at RFR’s 350 Madison
Terence Cullen Jan. 12, 2016, 5:30 p.m.
Alkeon Capital Management is moving within 350 Madison Avenue and will expand at the 25-story Midtown building, according to a press release from the landlord, RFR Realty.
The investment advisory will take 23,406 square feet for the entire 19th and 20th floors of the building between East 44th and East 45th Streets, RFR announced. Alkeon is moving from the ninth floor, where it has leased 19,516 square feet. RFR declined to provide the terms of the original lease, via a spokesman.
Asking rent in the deal was in the high-$70s per square foot, according to The New York Post, which first reported news of the lease.
Alexander Chudnoff and Mitchell Konsker led the JLL team the represents RFR at the 380,766-square-foot building. Sinclair Li and Ryan Alexander of CBRE represented the tenant, and declined to comment via a spokeswoman.
The 10-year lease is an early renewal, according to the RFR spokesman. Alkeon is expected to move into its new offices later this year, he added.
RFR bought the building in 2013 for $261.5 million, according to property records. Since that time, the landlord has renovated the 90-year-old building, including the two-story lobby. In February 2015, Bank Leumi USA signed a 58,548-square-foot deal at the building for three floors, as Commercial Observer previously reported.
“This asset’s repositioning has yielded outstanding results, attracting high-quality tenants,” Mr. Chudnoff said in prepared remarks. “We’re confident this momentum will continue as tenants tour the building and understand its location and attributes.”