Global Insurance Firm JLT Group Relocating to RFR’s 350 Madison Avenue
Terence Cullen July 13, 2016, 6 p.m.
JLT Group, a London-based insurance and employee benefits firm, has inked a deal to consolidate its New York City offices in a single location.
The company will take 19,516 square feet at the RFR Realty-owned 350 Madison Avenue between East 44th and East 45th Streets, according to a press release from the landlord. The length of lease was not immediately clear. The asking rent in the deal was also unavailable, but Commercial Observer has previously reported it to be in the high-$70s per square foot.
JLT Group is consolidating its offices from at 400 Park Avenue between East 54th and East 55th Streets and 600 Fifth Avenue between West 48th and West 49th Streets, according to The New York Post, which first reported news of the deal. How much space the British company leases at those two locations was not evident.
RFR was represented by a JLL team led by Alexander Chudnoff and Mitchell Konsker, along with AJ Camhi in-house. JLT Group, which has more than 10,000 employees across the globe, was represented by Jared Freede and Ken Rapp of CBRE, who did not return a request for comment via a spokeswoman.
“We continue to experience strong leasing momentum at 350 Madison Avenue,” Chudnoff said in prepared remarks. “This asset’s repositioning has yielded outstanding results, attracting high-quality tenants. We’re confident this momentum will continue as tenants tour the building and appreciate its proximity to Grand Central [Terminal] and other positive attributes.”
The North American wing of the World Economic Forum in March signed a 39,000-square-foot deal at the Midtown East building to take two floors, as CO previously reported.