Leases  ·  Office

Canon Signs Direct Lease With Sapir at 261 Madison Avenue


Camera giant Canon has signed a direct lease with Sapir Organization for 24,408 square feet at 261 Madison Avenue, according to a press release from the landlord.

Canon inked a six-year deal with a five-year renewal option for the entire third floor of the building between East 38th and East 39th Streets, The New York Post first reported. The company previously subleased the space from Radio Networks but signed a direct deal with the landlord after Radio Networks filed for bankruptcy, per Sapir.

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The asking rent was not immediately clear, but for the recently renovated 14th floor, Sapir is looking for a rent of $69 per square foot, the release indicates.

Sapir recently completed renovations—including new windows and prebuilt offices with private terraces—at 261 Madison Avenue and 260 Madison Avenue, across the street.

“The lease is a validation of our ongoing, hands-on attention and commitment to this property and to our tenants,” Alex Sapir, the CEO of Sapir, said in a statement. “We are extremely pleased to have been busy with new leases, expansions and renewals at both 261 and 260 Madison.”

CBRE (CBRE)’s Peter Turchin, Jared London, Tim Freydberg, Gregg Rothkin and Brett Shannon represented the landlord in the deal and it’s unclear who handled it for Canon. The CBRE brokers declined to comment through a spokeswoman.

Other tenants in the 28-story 261 Madison Avenue include flexible office provider Knotel, insurance brokerage USI Insurance Services and Signature Bank (SBNY).