Medallion Financial, a finance company that specializes in the taxicab and home improvement businesses, has renewed its full-floor lease at 437 Madison Avenue, Commercial Observer has learned.
The company has been a tenant at the building between East 49th and East 50th Streets since 1997, and will stay there for another 10 years, according to the landlord, the William Kaufman Organization. Medallion Financial has 18,650 square feet on the 38th floor of the 40-story structure.
Asking rents in the building range from $80 to $110 per square foot.
“It was a pretty quick deal,” Michael Lenchner of Sage Realty, the leasing and management wing of William Kaufman Organization, told CO. “We always had a good relationship.”
Mr. Lenchner represented the landlord in-house, while Paul Davidson and William Mendelson of Newmark Grubb Knight Frank represented Medallion Financial. The NGKF brokers did not immediately return a request for comment via a spokeswoman.
Medallion Financial’s executives shopped around for other office space before ultimately opting to stay at the 850,000-square-foot building, Mr. Lenchner said. The $60 million in capital improvements to the 49-year-old 437 Madison Avenue was also a factor, he added.
Work at the building started about two years ago and included a new lobby, a new exterior plaza and new elevators, Mr. Lenchner said. The landlord is also putting in an outdoor area with tables and meeting spaces on the 15th floor of the building.