Nonprofit The Korea Society Moving to RFR’s 350 Madison Avenue
Liam La Guerre Dec. 5, 2016, 5:57 p.m.
The Korea Society, which is focused on promoting relations between America and South Korea, has signed a 9,732-square-foot lease for its headquarters space at RFR Realty’s 350 Madison Avenue, Commercial Observer has learned.
The non-profit organization will occupy the entire 7,178-square-foot 24th floor and the 2,554-square-foot 25th floor of the 25-story office tower between East 44th and East 45th Streets. The asking rent in the 10-year deal was $85 per square foot.
The duplex office space comes with an approximately 3,000-square-foot landscaped wraparound terrace for the top floor. Both floors boast high ceilings and are connected by a staircase and an elevator.
“We are pleased to have delivered on everything the client was seeking in this deal: a long-term lease in a well-located property with a new modern workspace that fosters collaboration,” Avison Young’s Arthur Mirante, who brokered the deal on behalf of The Korea Society, said in prepared remarks.
Mirante worked alongside colleagues Jeffrey Heller, Anthony LoPresti and Patrick Steffens. RFR’s AJ Camhi represented the landlord in-house with a JLL team of Alexander Chudnoff, Mitchell Konsker, Dan Turkewitz and Diana Biasotti.
The Korea Society is planning to relocate from its current digs at 950 Third Avenue between East 56th and East 57th Streets to its new home on Madison Avenue in April 2017.
RFR purchased the 25-story, 400,000-square-foot building at 350 Madison Avenue in 2013 for $261.5 million from Kenisco Properties, as CO reported at the time. The landlord has since spent $15 million renovating the building. It added a new entrance canopy and new bathrooms and elevator cabs throughout the building, and redesigned the two-story lobby.
“The energy and excitement around the repositioning of this asset has been outstanding and has been illustrated by the quality of the tenants leasing space within the building,” Camhi said in a statement.