Aareal Capital Moving NYC Offices Within Midtown
By Nicholas Rizzi February 7, 2019 5:58 pm
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German lender Aareal Capital Corporation plans to relocates its Manhattan offices nearly two blocks away from its current digs to 360 Madison Avenue, Commercial Observer has learned.
Aareal Capital signed a lease with Stawski Partners for 14,683 square feet at the office building between East 45th and East 46th Streets, according to CBRE (CBRE), which handled the deal for the landlord. That will give the firm the entire 18th floor of the 25-story building.
A CBRE spokeswoman would not provide the terms of the deal, but CoStar (CSGP) Group data show average asking rents in the building are $66 to $80 per square foot.
CBRE’s Derrick Ades, Edward Goldman and Jared London brokered the deal for Stawski Partners while Savills Studley’s John Mambrino, Nick Farmakis and Michael Bertini handled it for Aareal Capital. A spokeswoman for Savills Studley declined to comment.
“Aareal Capital was first drawn to 360 Madison by the solid reputation of its owner/developer,” Ades said in a statement. “The firm was also attracted to 360 Madison’s proximity to Grand Central Terminal, the full-floor presence it would have at the building, and to the property’s continuous glass curtain wall.”
The German lender plans to move its offices from 250 Park Avenue between East 46th and East 47th Streets in May, per CBRE.
At 360 Madison, Aareal will join investment bank Seaport Group Holdings, commodities broker Marex Spectron and hedge fund sponsor Laurion Capital Management.
