Consulting Firm Alvarez & Marsal Expands at 600 Madison Avenue
Business management consultancy Alvarez & Marsal has reportedly expanded its office footprint at 600 Madison Avenue to nearly 150,000 square feet after signing a 22,000-square-foot expansion at the Midtown office building.
Alvarez & Marsal was already the largest tenant at the 26-story, 434,000-square-foot property at the southwest corner of East 58th Street with roughly 126,000 square feet of space, according to CoStar Group data. But the firm has decided to grow its presence further at the Ruben Companies-owned building after inking an expansion, according to The Real Deal.
Asking rent and the length of the lease were not immediately clear. Peter Shimkin and Daniel Levine of Newmark Knight Frank handle office leasing at 600 Madison Avenue alongside Ruben Companies’ John Schrenker, according to the landlord’s website, while David Dusek and Mitchell Konsker of JLL represented the tenant in the deal, per TRD.
Ruben Companies acquired the land underneath 600 Madison Avenue in 2013 for $210 million, TRD reported at the time. The real estate investment firm, led by CEO Richard Ruben, previously held a long-term leasehold on the building dating back to the 1970s.
Other tenants at the office building include Rialto Capital Management—the real estate investment arm of home construction company Lennar Corporation—boutique investment bank Financo and commercial real estate brokerage Lee & Associates NYC.
A spokesman for JLL confirmed the deal but declined to provide further comment. Representatives for Ruben and NKF did not immediately return requests for comment.