IT Firm Mphasis Inks 14K SF Sublease at 41 Madison Avenue
By Nicholas Rizzi April 16, 2021 4:15 pm
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Information technology firm Mphasis will move its offices within NoMad to 41 Madison Avenue, Commercial Observer has learned.
Mphasis inked a sublease with Mission Capital Advisors for 13,558 square feet on the entire 35th floor of the 42-story tower between East 25th and East 26th streets, a source with knowledge of the deal said. Asking rent was in the mid-$70s per square foot.
As part of the deal, Mphasis signed a six-year sublease with Mission Capital and a five-year extension on the same space with 41 Madison’s owner, the Rudin family, the source said.
Mphasis currently has an 8,000-square-foot office at 460 Park Avenue South and plans to move into its new digs by the end of the year, according to the source.
CBRE (CBRE)’s Bill Iacovelli and Patrick Moroney represented Mphasis in the deal, while Sam Seiler of JLL (JLL) handled it for Mission Capital. Rudin brokered the lease in-house via Robert Steinman. Seiler declined to comment.
“Mphasis found this high-end recently built space to be a perfect location with its stunning views in the Madison Park area,” Iacovelli said in a statement.
Other tenants in the 500,000-square-foot property include Swiss skincare brand La Prairie, financial services company Water Island Capital, and talent firm The Gersh Agency.
Update: The story has been updated to show the sublease was for six years.
