Managed IT Service Provider Relocating to 295 Madison Avenue
By Nicholas Rizzi November 19, 2019 4:45 pm
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BCM One, a managed IT service provider, inked a deal to move its offices three blocks away to 295 Madison Avenue near Grand Central Terminal, Commercial Observer has learned.
The company signed a 10-year lease for 15,875 square feet on the entire fifth floor of the 47-story tower between East 40th and East 41st Streets, according to tenant brokers Colliers (CIGI) International.
BCM One — which was founded in 1992 — currently has space at 521 Fifth Avenue between East 43rd and East 44th Streets and plans to move into its new digs in the first quarter of next year, Colliers said.
A spokeswoman for Colliers would not provide the asking rent in the deal but said average asking rent in the Grand Central submarket is about $88 per square foot.
Colliers’ Cryder Bancroft and Josh Goldsmith represented BCM One in the deal while William Fressle, Drew Braver, Eric Hazen, Anthony Cugini and Peter Kerans of Cushman & Wakefield (CWK) handled it for the landlord, The Eretz Group. A spokesman for C&W declined to comment.
“We were thrilled to help BCM One align its business initiatives with a comprehensive real estate strategy,” Bancroft said in a statement. “With unparalleled access to transportation, a major requirement for our client, the Grand Central submarket remains a desirable location for any business.”
The Eretz Group bought the 300,000-square-foot 295 Madison Avenue from Westbrook Partners and Moinian Group for $200 million in 2013, as CO previously reported. Other tenants in the property include investment firm Sontag Advisory, environmental consulting company Environmental Resource Management and executive recruitment firm Daversa Partners.
