Arts Nonprofit, Hospitality Investment Firm Take Space at 444 Madison Avenue
A nonprofit organization and an investment firm have snagged nearly 40,000 square feet at 444 Madison Avenue, Commercial Observer has learned.
The Doris Duke Management Foundation, which supports the arts, medical and environmental charity the Doris Duke Charitable Foundation, inked a long-term deal for 20,293 square feet on the entire 10th floor of the Midtown East building. Asking rent was $72 per square foot, according to CBRE’s Paul Amrich, one of the brokers for landlord Westbrook Partners.
“They love the location,” said Amrich, who represented Westbrook with CBRE’s Meghan Allen, James Ackerson and Max Tarter. “Madison Avenue is a prime corridor, has multiple transportation hubs [and] is immediately south of St. Patrick’s Cathedral so [the building] has a really beautiful view.”
The charity plans to relocate from 650 Fifth Avenue in the fall, after Westbrook builds out the nonprofit’s new offices. Doris Duke Management closed the deal last week, Amrich said.
Cushman & Wakefield’s Jeffrey Lovell represented Doris Duke Management in its deal. Lovell did not immediately respond to a request for comment.
Just an elevator ride up, EOS Investors, which invests in hospitality companies in the U.S., took 16,624 square feet on the entire 14th floor of the building, which is between East 50th and East 49th streets, Amrich said. Asking rent was $82 per square foot in the long-term lease.
“This floor has a huge terrace,” said Amrich, who represented EOS in the deal. “It creates a pretty special environment especially if the tenant has the whole floor like EOS will.”
Amrich and EOS were looking for space for about four months, before EOS decided on 444 Madison — taking the former home of luxury fashion brand Burberry Limited, which moved to part of the 15th and 16th floors of the 42-story 444 Madison.
EOS will relocate from 65 East 55th Street into its new, larger offices this fall, said Amrich. It will join Kent Swig’s real estate company Helmsley Spear and construction firm Falcon Pacific Construction at the property.
“We are happy that 444 Madison continues to attract high-quality institutional tenants,” Paul Kazilionis, founder and CEO of Westbrook, said in a statement.
CBRE’s Allen, Ackerson and Tarter handled the deal for Westbrook. CBRE declined to provide the length of the leases.
Celia Young can be reached at firstname.lastname@example.org.