GE Capital Takes 43K SF at RFR Realty’s 285 Madison Avenue
By Lauren Elkies Schram May 17, 2016 5:00 pm
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GE Capital has signed a lease for 42,989 square feet at RFR Realty’s 285 Madison Avenue, a source with knowledge of the deal told Commercial Observer.
The company, the financial services arm of General Electric, is taking the entire 15th and 16th floors in a lease for 16 years and two months at the East 40th Street building, the source said. The asking rent was in the low-$70s per square foot, according to The New York Post, which first reported news of the deal. GE will be relocating from 299 Park Avenue and 30 Rockefeller Plaza, the source said, at year’s end.
CBRE’s Sinclair Li, Sacha Zarba, Frederick Fackelmayer and Ryan Alexander represented GE. JLL’s Alexander Chudnoff, Mitchell Konsker and Dan Turkewitz worked on behalf of the landlord along with RFR’s AJ Camhi. A spokeswoman for CBRE said the brokers declined to comment. RFR and JLL declined to comment through a spokespeople.
NetApp, a Fortune 500 computer storage and data management company based in Sunnyvale, Calif., is moving to 285 Madison Avenue upon lease expiration at 100 Park Avenue, as Commercial Observer reported last month.
Other tenants in the building include Janklow & Nesbit, a literary agency that represents the likes of Malcolm Gladwell and William Buckley, Jr., Ziff Capital Partners and GreenOak Real Estate.
RFR and GreenOak bought the 90-year-old 285 Madison Avenue in 2012 for $189.3 million from advertising agency Young & Rubicam.
