Investment Firm Takes Whole Floor at William Kaufman Organization’s 437 Madison Avenue
Lighthouse Investment Partners, an investment company managing $9 billion in assets, has inked a full-floor deal to relocate to William Kaufman Organization‘s 437 Madison Avenue in Midtown, Commercial Observer has learned.
The firm plans to move into the entire 17,750-square-foot 21st floor during the second quarter of this year, according to a press release provided by the landlord.
Lighthouse Investment Partners is currently based at 680 Fifth Avenue between West 53rd and West 54th Streets. There it leases 6,343 square feet on part of the 17th floor, according to CoStar Group.
While the landlord declined to provide the length of the lease at 437 Madison Avenue, CoStar indicates it is for five years. Asking rent at the property between East 49th and East 50th Streets ranges from $80 to $100 per square foot, according to the release.
“437 Madison Avenue was the great fit for Lighthouse’s expanding presence in New York City,” Scott Perkins, the executive managing director at the firm, said in prepared remarks. He added that his company was drawn to the building’s recent capital improvements.
Upgrades include a redesigned lobby, new plaza, improved elevators and a “sky lounge” with outdoor conference rooms on the 15th floor.
“437 Madison Avenue has been incredibly well-received by the market following our spectacular renovation project,” Michael Lenchner of Sage Realty Corporation, William Kaufman Organization’s leasing and management wing, said in a statement. “We’re delighted to welcome Lighthouse Partners to our prestigious tenant roster at the property.”
Lenchner represented the landlord in-house with JLL’s Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster, while Keith Caggiano and Gary Davies of CBRE represented the tenant.