Investment Firm Cambridge Associates Doubles Its Footprint at 437 Madison
By Nicholas Rizzi September 9, 2020 10:02 am
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Investment firm Cambridge Associates inked a deal to double its footprint at 437 Madison Avenue in Midtown, Commercial Observer has learned.
The Boston-based firm signed a deal to take 10,191 square feet on a portion of the 39th floor of William Kaufman Organization and Travelers Companies’ 40-story building between East 49th and East 50th streets, according to William Kaufman.
A spokeswoman for the landlords declined to provide the terms of the deal, but CoStar (CSGP) Group data shows asking rents in the building range from $73 to $89 per square foot.
Cambridge Associates has had a 5,000-square-foot office on the 22nd floor of 437 Madison since February 2018, and plans to move into its new pre-built space in November, according to the landlord.
“We are thrilled to expand our relationship with this prestigious investment firm at 437 Madison Avenue,” Michael Lenchner of Sage Realty Corporation, the leasing and management arm of William Kaufman, said in a statement. “This transaction is a perfect example of the timeless appeal of our building, our strong Midtown location, and our commitment to working with our tenants as their space needs grow and evolve over time.”
Sage’s Lenchner and Jack Brennan handled the deal in-house for the landlord along with Frank Doyle, David Kleiner, Cynthia Wassserberger, Andrew Coe and Georgina Cook of JLL (JLL). CBRE (CBRE)’s Alex Benisatto and Ryan Alexander represented Cambridge Associates.
“We were thrilled to help facilitate and expand Cambridge’s presence in such an ideal location for them,” Benisatto said in a statement.
Other tenants in the 850,000-square-foot tower include reinsurer Munich American Reassurance Company, Citizens Bank and nonprofit the Carnegie Corporation of New York.
