MQS Management, an investment adviser, has signed a 10-year, 10,000-square-foot deal at Rudin family’s 41 Madison Avenue to relocate and expand its offices, Commercial Observer has learned.
The financial firm will assume a portion of the 34th floor of the 42-story property, which is located at the northeast corner of Madison Avenue and East 26th Street, according to information provided by the landlord. The asking rent in the transaction was $82 per square foot.
MQS will leave its current offices at nearby 11 East 26th Street between Fifth and Madison Avenues in early 2018. There the company has 6,050 square feet on the seventh floor, according to CoStar Group.
The Rudin family is putting the finishing touches on a $15 million renovation of 41 Madison Avenue. The makeover, designed by architecture firm Skidmore, Owings & Merrill (SOM), features a new lobby with marble flooring, pearlescent glass wall panels and energy-efficient lights. There is also a new glass entrance, reception area, redesigned elevator cabs and a lounge area.
“Our collaboration with SOM has yielded a beautiful and elegant space, which will enhance MQS’ experience at the building when they move in next year,” said Michael Rudin, a vice president at Rudin Management Company, which manages the assets of the Rudin clan.
Robert Steinman of Rudin Management handled the deal for the landlord. Yarden Drimmer, Matthew Fisher and Conor Golden of Cushman & Wakefield brokered the deal for the tenant. The C&W brokers did not immediately return a request for comment via a spokesman.
The 500,000-square-foot 41 Madison Avenue was built by the Rudin family in 1971, and is currently 95 percent occupied, according to the landlord. Existing tenants include talent agency Gersh Agency, investment advisory firm Water Island Capital and Ralph Lauren Home.