Two Financial Firms Each Nab Leases of Over 7K SF at 437 Madison Avenue
Harbor Spring Capital, the hedge fund manager, has signed a six-year lease for 7,575 square feet at the building between East 49th and East 50th Streets, according to a press release from the landlord. The firm will occupy a portion of the 28th floor at the 850,000-square-foot building, when it relocates from 99 Park Avenue in the third quarter of this year.
Also on the 28th floor, Ospraie Management, the asset management firm, signed a five-year deal for 7,973 square feet. The company will relocate from 320 Park Avenue, also in the third quarter of 2016.
Asking rents in the building, which commenced a $60 million capital improvement program two years ago, range from $80 to $110 per square foot, according to The Wall Street Journal, which first reported news of the deal. The renovations include a redesigned lobby and arcade area, a new plaza, renovated elevators, upgraded building systems and backup generator, an updated façade and amenities like a private 8,870-square-foot, 15th-floor “sky lounge” with skyline views.
Michael Lenchner of Sage Realty Corporation, the leasing and management division of William Kaufman Organization, represented the building’s ownership in-house in both transactions, along with JLL’s Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster. Evan Margolin and Lance Leighton of Savills Studley represented Harbor Spring Capital, and Brad Needleman and Alexander Golod of CBRE represented Ospraie Management. A spokesman for Savills Studley said the brokers declined to comment as did a spokeswoman for CBRE.
Sage has also leased approximately 8,000 square feet of pre-built space to Darktrace Limited and HT Capital Advisors, bringing the total square footage leased in the building to 24,000 square feet over the last month. Medallion Financial, a finance company that specializes in the taxicab and home improvement businesses, renewed its lease in the building, as Commercial Observer reported in January.
“The quick lease-up of our high-end, build-to-suit office spaces are a testament to the quality of our building, our strong central location and our state-of-the-art amenities, modern finishes and unparalleled services,” Mr. Lenchner said in prepared remarks. “We are proud to offer partial or full floor build-to-suit opportunities to accommodate tenants of all sizes.”