Commodities Trader Expands Offices in Midtown East Tower Once Again
A Netherlands-based commodities trader has signed a deal to expand its space in William Kaufman Organization and Travelers Companies’ 437 Madison Avenue a second time, Commercial Observer has learned.
ACT Commodities inked a 10-year deal to take another 4,805 square feet in the 850,000-square-foot building between East 49th and East 50th Streets, according to William Kaufman. The firm now occupies the entire 17,750-square-foot 17th floor of the 40-story tower.
Asking rent in the deal was in the high-$80s per square foot, a spokeswoman for the landlord said.
ACT Commodities first moved into 437 Madison Avenue in 2016, taking 4,805 square feet on the 19th floor, as CO previously reported. It quickly outgrew that office and signed a 10-year lease in April 2018 to nearly triple its space to 12,945 square feet on the 17th floor.
“We are thrilled to extend our relationship with ACT Commodities at 437 Madison Avenue,” Michael Lenchner of Sage Realty Corporation, the leasing and management arm of William Kaufman, said in a statement.
Lenchner represented the landlord along with JLL (JLL)’s Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster. Savills’ L. Craig Lemle brokered the deal for ACT Commodities.
“We’re very happy with the building and very happy with the location,” Lemle said. “It gives them enough room to grow for the next three or five years. They’ve been growing very quickly.”
Lenchner added that the building only has about 15,000 square feet is vacant. Other tenants include Citizens Bank, law firm Mitchell Silberberg & Knupp, reinsurance firm Munich American Reassurance Company and nonprofit the Carnegie Corporation of New York.