Law Firm, Investment Company Ink 48K SF at 437 Madison Avenue
Two companies located at William Kaufman Organization’s 437 Madison Avenue have signed deals totalling 47,821 square feet to remain in the building, the landlord announced in a release today.
In the larger transaction, law firm Montgomery McCracken Walker & Rhoads inked a 28,297-square-foot direct lease, after it was a subtenant of Nixon Peabody starting in 2011.
Montgomery McCracken will continue to occupy a portion of the 23rd floor and the entire 24th floor of the 850,000-square-foot office tower between East 49th and East 50th Streets. The asking rent in the 10-year deal was $90 per square foot.
“The decision to remain at 437 Madison made sense to us for our attorneys and clients during a critical time for growth and we’re excited to expand our presence in the building,” Lee Unterman, a managing partner of Montgomery McCracken’s New York office, said in prepared remarks.
Michael Lenchner of Sage Realty Corporation, the leasing and management arm of William Kaufman Organization, negotiated the deal.
In the second transaction, investment management company Prelude Capital has signed a six-year early renewal and is expanding its offices in the building. It will occupy a total of 19,524 square feet on a portion of the 33rd and 34th floors. Previously, Prelude occupied just 7,000 square feet on the 33rd floor. The asking rent was $105 per square foot. Lenchner negotiated the deal.
“The expansion of our 437 Madison Avenue offices represents a commitment to the highest quality infrastructure in an ideal location with an established long-term partner,” Cisco del Valle, a co-founder of Prelude Capital, said in the release.
William Kaufman Organization recently completed a top down, $60 million renovation of the 40-story building, which includes a new 8,870-square-foot lounge on the 15th floor, a redesigned lobby and arcade, new plaza, renovated elevators and upgraded mechanical systems.
“These transactions are a clear indicator of the ongoing resurgence of the Midtown East market and the success of our multi-million dollar capital improvement program at 437 Madison Avenue, an iconic property that has been reimagined for the 21st century,” Lenchner said in a statement.