Litigation Funding Firm Relocates, Expands at 292 Madison Avenue
Lauren Elkies Schram Feb. 24, 2016, 4 p.m.
Burford Capital, the world’s largest provider of finance for litigation and arbitration, is expanding and relocating within Marciano Investment Group’s 292 Madison Avenue at the corner of East 41st Street, a broker with knowledge of the deal told Commercial Observer.
The company, which is publicly traded on the London Stock Exchange and has been in the building since 2011, will now have11,113 square feet, spanning the entire 14th floor, a source said. The firm will be moving from 6,500 square feet on floors 24 and 25. The asking rent in the new deal was $69 per square foot.
JLL’s Alexander Chudnoff and Dan Turkewitz represented the tenant in the deal and Cushman & Wakefield’s Harry Blair and Sean Kearns brokered the transaction on behalf of the landlord. Spokespeople for both companies didn’t respond with a comment from the brokers.
The 204,000-square-foot, 26-story building at 292 Madison Avenue is run by Herald Square Properties. After purchasing the building for $85 million in 2012, Marciano tapped Herald Square Properties to renovate the structure and oversee construction of the pre-built spaces. Marciano turned its focused to attracting technology, advertising, media and information, or TAMI, tenants.
As CO has previously reported, Exponential Interactive, a global provider of advertising intelligence and digital media solutions, is in 11,113 square feet of pre-built space on the 11th floor, and Raptor Trading, a provider of multi-asset electronic trading and risk management solutions, occupies the 5,752-square-foot 22nd floor.