Madison Realty Capital Moves HQ to 20K SF on Madison Avenue
Madison Realty Capital (MRC) is living up to the Madison part of its name.
The private equity firm moved its headquarters to 20,000 square feet on the 35th floor of Tishman Speyer’s 520 Madison Avenue between East 53rd and East 54th Streets, The Real Deal first reported. MRC ditched its offices at 825 Third Avenue, where its been for the past 12 years, a spokesman for MRC said.
“The original MRC headquarters served us well for over a decade but our continuous growth required additional space to accommodate the needs of our business with room for anticipated future expansion,” Josh Zegen, co-founder and managing principal at MRC, said in a statement. “The thoughtful and vibrant design of our new office balances improved productivity with contemporary aesthetics and the entire MRC team is thrilled to call this our new home.”
A spokesman for MRC declined to provide the terms of the lease and a spokesman for Tishman did not immediately respond to a request for comment. CoStar Group data lists asking rents in the 43-story tower as between $98 and $120 per square foot.
Since launching in 2004, MRC has grown to have more than 70 employees and opened a Los Angeles office last year. It also closed on a $1.36 billion debt fund last month, MRC said.
Cushman & Wakefield (CWK)’s Adam Doneger, Anthony LoPresti and Ethan Silverstein brokered the deal for MRC while Tishman handled it in house. Spokespeople for C&W did not immediately respond to a request for comment.
Other tenants in the 1-million-square-foot tower include investment bank Jefferies, investment firm Davidson Kempner Capital Management and hedge fund Citadel.