A corporate services provider has signed a lease to take a full floor at 292 Madison Avenue, Commercial Observer has learned.
Hogg Robinson Group is headed for 6,035 square feet on the 17th floor of the 204,000-square-foot property at the corner of East 41st Street, according to a press release from landlord Marciano Investment Group. The lease is for five years, and a spokeswoman for the landlord said asking rent in the deal was $65 per square foot.
“Hogg Robinson is a major international player with a significant technology division, which makes 292 Madison Avenue an excellent fit on so many levels,” Harry Blair of Cushman & Wakefield, who represented the landlord, said in prepared remarks. “In addition to being centrally located, this building has become a center for several [technology, advertising, media and information services] tenants in recent years.”
Mr. Blair represented Marciano Investment Group with colleague Sean Kearns, while Ross Perlman, Lee Brodsky and Ryan Mandrell of Newmark Grubb Knight Frank represented the tenant. An NGKF spokeswoman did not immediately return a request for comment.
Hogg Robinson Group is currently located at 16 East 34th Street between Fifth and Madison Avenues, where CoStar Group shows it leases 19,355 square feet. The 292 Madison Avenue deal closed earlier this month, according to the Marciano spokeswoman, and Hogg Robinson Group is slated to move in this August.
The company, which provides travel and other corporate management services, is taking space formerly occupied by Borderfree—an e-commerce company. Borderfree meanwhile has relocated and expanded at the building, moving to the third through fifth floors of the 26-story property, as CO has previously reported. In October 2014, the company signed its most recent deal—for the third floor, in which it took 11,113 square feet.