JLL Expands to 150K SF at 330 Madison
By Rebecca Baird-Remba January 10, 2020 3:45 pm
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Commercial brokerage JLL (JLL) almost doubled its office footprint in Midtown East this week.
The real estate firm negotiated a 10-year lease for 150,000 square feet on the entire third, fourth and fifth floors and a portion of the sixth floor at 330 Madison Avenue, the brokerage said in a statement. The firm is expanding from an 82,000-square-foot space at the property, which it has occupied since 2011.
Asking rent in the deal was in the $70s per square foot.
JLL is moving into space that HSBC gave up, with the bank exiting its space on the fifth and 12th floors of the building, according to the New York Post, which broke the news of the JLL lease.
Munich Re Group owns the 39-story, Ely Jacques Kahn-designed building between East 42nd and East 43rd Streets.
Peter Riguardi represented JLL in-house while JLL’s Frank Doyle, Dave Kleiner and Clark Finney handled the transaction on behalf of the landlord.
“Our ability to expand in the building and redesign our space will give us the ability to continue to efficiently grow and increase our operations here,” Riguardi said in a statement. The brokerage tapped TPG Architecture to design its new offices.
Last June, the Abu Dhabi Investment Authority agreed to buy Vornado Realty Trust (VNO)’s minority stake in the building, giving it full ownership of the 850,000-square-foot office tower. A few months later, the sovereign wealth fund entered into contract to sell the property to Munich Re in a deal valued at $850 to $900 million, according to The Real Deal.
