World Economic Forum Moving U.S. Offices to RFR’s 350 Madison Avenue
By Liam La Guerre March 1, 2016 3:20 pm
reprints
World Economic Forum USA has signed a 39,032-square-foot lease at RFR Realty’s 350 Madison Avenue, according to the landlord.
The organization is the North American arm of the World Economic Forum, which hosts a prominent winter summit in Davos, Switzerland each year for global political and business leaders. World Economic Forum USA will occupy two entire floors of the building between East 44th and East 45th Streets. It will move into the space in the summer.
World Economic Forum USA will be relocating from its 25,000-square-foot offices at Cohen Brothers Realty Corporation’s 3 East 54th Street, which is between Madison and Fifth Avenues.
RFR declined to disclose to Commercial Observer the length of the deal, but confirmed the $70s-per-square-foot asking rent The New York Post reported.
“This asset’s repositioning has yielded great results and helped to make a transaction such as this lease with the World Economic Forum USA possible,” JLL’s Alexander Chudnoff, who represented RFR, said in prepared remarks. “We’re confident this momentum will continue, as tenants tour the building and understand its location and attributes.”
RFR purchased the 25-story, 394,000-square-foot building in 2013 for $261.5 million from Kenisco Properties, as CO reported at the time. The landlord has since renovated the building, added an entrance canopy and redesigned the lobby. Mr. Chudnoff handled the negotiations along with colleague Mitchell Konsker and RFR’s AJ Camhi.
Robert Silver and Scott Brown of Newmark Grubb Knight Frank represented the World Economic Forum USA in the deal. Messrs. Silver and Brown did not immediately respond to a request for comment via a spokeswoman.
Recently, PR firm HL Group signed a 13,115-square-foot lease to relocate to 350 Madison Avenue, as CO previously reported. Other tenants in the building include Alkeon Capital, Beacon Light Capital and Bank Leumi USA.
