Consulting Firm Shen Milsom & Wilke Takes Entire Floor at 275 Madison
SM&W will be relocating from its current New York City headquarters at 417 Fifth Avenue with a seven-and-a-half-year lease in a custom-built full-floor space one avenue east, tenant broker Savills said. Asking rent was between $60 and $70 per square foot.
“SM&W chose to relocate to 275 Madison because it affords the company the opportunity to remain in a centrally located building and, furthermore, the full-floor presence allows them to establish a true brand identity in a space that will be built to their exact specifications,” Savills’ Jim Wenk, who brokered the deal for the tenant, said in a statement. “In addition to favorable transaction economics, having a service-oriented owner like RPW added to the many reasons why SM&W selected 275 Madison over several competing options.”
SM&W is expected to move in the first quarter of 2022 where it expects operations and consulting staff will have access to hoteling spaces, both open and private offices, collaborative workspaces, several conference and training rooms, and amenities to host various events.
“Having a physical office where our team can collaborate and work on delivering successful projects for our clients is essential for our long-term success,” Tom Shen, president and CEO of SM&W, said. “Our new office at 275 Madison Avenue will provide us with a bright and open work environment, with a location that is central to all mass transit, making the commute convenient for our team.”
Along with Wenk, SM&W was represented by Savills’ Kirill Azovtsev, Oliver Petrovic and Allison Buck. Newmark‘s William Cohen, JD Cohen, Jarad Winter and Ariel Harwood brokered the deal for RPW.
“I’d like to offer credit to the tenant and its brokers for having the vision for how this space could be custom designed to meet the tenant’s specific needs and for understanding the value of RPW Group’s commitment to their tenancy,” vice chairman of Newmark, William Cohen, said. “This lease was a “win-win” for both sides of the transaction.”
SM&W, with over 230 staff members across the globe, is a leader in providing consulting services across a wide sector of markets, according to Savills.
Its new home is a 43-story Art Deco-style building completed in 1931 and designated a landmark in 2009.
Recent leases at 275 Madison include a 41,000-square-foot March transaction with Saadia Group, which bought department store Lord & Taylor earlier in the year, and Radian Group inking a five-year lease for 4,677 square feet on the 15th floor in July.
Mark Hallum can be reached at firstname.lastname@example.org.