Head-Hunting Firm Solomon Page Expands at Sapir’s 260 Madison Avenue
By Rey Mashayekhi June 27, 2018 6:21 pm
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Head-hunting firm Solomon Page Group is growing its office footprint at 260 Madison Avenue after inking a roughly 52,500-square-foot renewal and expansion at the Sapir Organization-owned Midtown building.
The staffing and executive search firm signed a “long-term” lease for 52,453 square feet of contiguous space spanning part of the third floor and the entire fourth floor at the 22-story, 550,000-square-foot building between East 38th and East 39th Streets, according to a press release from the landlord’s broker, CBRE (CBRE). The specific length of the lease was not disclosed.
Solomon Page has been occupying the entire 35,500-square-foot third floor and a 15,575-square-foot chunk of the seventh floor at 260 Madison Avenue, according to The New York Post, which first reported news of the deal.
Under the renewal and expansion, it will give up part of the third floor as well as its space on the seventh floor and take the entire 37,000-square-foot fourth floor, the Post reported. The fourth floor was previously occupied by the American Kennel Club, which announced last year that it was moving its offices to 101 Park Avenue.
Asking rent in the deal was in the mid-$60s per square foot. CBRE’s Peter Turchin, Gregg Rothkin, Brett Shannon, Tim Freydberg and Jared London represented Sapir in the transaction, while Newmark (NMRK) Knight Frank’s Chris Mongeluzo, Moshe Sukenik and Eric Zemachson represented Solomon Page.
In a statement, Turchin said the renewal and expansion are “a validation of ownership’s ongoing, hands-on attention and commitment to this property and its tenants,” with Sapir planning to pursue a capital improvement program at 260 Madison Avenue that will include “the installation of new windows and a facade renovation.”
Sapir completed similar renovations across the street at 261 Madison Avenue, where it installed new windows and constructed prebuilt offices with private terraces, and plans to upgrade that building’s lobby as well, Rothkin added in a statement.
“These improvements emphasize Spair’s long-term commitment to both buildings and will provide tenants with improved operational efficiencies and create a modern aesthetic,” Rothkin said.
A spokeswoman for NKF did not return a request for comment.
Other tenants at 260 Madison Avenue include law firm McLaughlin & Stern, Coca-Cola subsidiary Glaceau and commercial real estate brokerage Marcus & Millichap.
