Asset Manager Inks 14K-SF Deal for First NYC Offices at 477 Madison
Private asset management firm Ariel Alternatives has snagged 14,114 square feet to open the company’s first New York office at 477 Madison Avenue, Commercial Observer has learned.
The asset manager — founded by Chicago-headquartered Ariel Investments, which operates out of 330 Madison Avenue in New York City — snagged a 12-year deal for the entire 14th floor of the Midtown tower between East 51st and East 52nd streets. Asking rent was $95 per square foot, according to the landlord, RFR Holding.
“We are seeing a continued flight to quality as more tenants want better-designed and better-appointed buildings that offer employees and guests stimulating and productive workspaces,” AJ Camhi, director of leasing at RFR, said in a statement.
The space Ariel will move into in mid-2022 was vacant when Aby Rosen’s RFR purchased the 24-story building for $260 million in July 2019. RFR is building out the space for Ariel ahead of its move-in, according to a spokesperson for the landlord.
Newmark’s David Falk, Peter Shimkin, Daniel Levine and Eric Cagner represented RFR in the deal. Shawna Menifee of JLL handled it for Ariel. Menifee confirmed that she brokered the deal and Levine declined to comment.
Ariel will join law firm Rivkin Radler at the property, along with the investment firm Atlas Merchant Capital and Connecticut-based private equity firm Atlantic Street Capital.
Another new tenant — clothing wholesaler Bespoke Fashion — is headed to RFR’s 325,000-square-foot building. The retailer is relocating from RFR’s 330 Madison to 3,400 square feet at 477 Madison via a seven-year deal. Asking rent was $82 per square foot, and Bespoke has already moved into the space after the deal closed in late November.
Oribel Capital has decided to stay put at the 1950s office property. The hedge fund, which has been at the building since 2015, inked a deal last week to stick with its 4,286-square-foot space for another three years. Asking rent was $82 per square foot.
JLL’s Steven Bauer handled it for Bespoke. Cushman & Wakefield’s John Fitzsimons took care of Oribel’s renewal.
Celia Young can be reached at email@example.com.