Drug Company, IT Firm Take 23K SF at 261 Madison

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Drug company Allergan USA is opening a New York City office in Midtown South, Commercial Observer has learned.

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The New Jersey-based pharma operation has leased the entire 11th floor at Sapir Organization’s 261 Madison Avenue, according to CBRE, which handled both sides of the deal. The firm will occupy 17,296 square feet in the 28-story office tower between East 38th and East 39th Streets.

In addition, IT solutions provider GFT Global inked a deal for 5,648 square feet on the entire 19th floor of the building.

The lengths of the leases were not disclosed. Average asking rents in the building hover around the $60s per square foot, per a CBRE spokeswoman.

CBRE’s Timothy Hay and Brian Hay represented Allergan USA in the deal, and their fellow CBRE brokers Scott Gottlieb and Gary Davies handled negotiations for GFT Global. CBRE’s Peter Turchin, Gregg Rothkin, Brett Shannon, Tim Freydberg and Jared London represented Sapir in both deals.

“The 11th floor at 261 Madison was the first full-floor, Gensler-designed prebuilt that Sapir introduced at the property,” Rothkin said in prepared remarks. “Allergan was drawn to the customized aesthetic of the installation and the floor’s private outdoor terrace, both of which give the office a very high-end feel.”