Investment Tech Firm Recognize Nabs 15K-SF at 540 Madison Avenue
By Mark Hallum February 17, 2022 9:10 am
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A technology services investment firm is taking 15,100 square feet at 540 Madison Avenue, Commercial Observer has learned.
Recognize signed for the entire second floor of the 39-story, 291,000-square-foot building at the corner of East 55th Street, according to landlord broker Cushman & Wakefield (CWK).
The deal was one of four new leases and two renewal deals announced this week at 540 Madison, totaling nearly 36,000 square feet.
The others include Simcoe Capital Management, an investment advisory firm, inking a 3,750-square-foot lease on 27, asset management and investment advisory firm Pacific General Holdings signing a lease for 2,780 square feet on 18, Foresite Capital Management taking a 2,723-square-foot space on 34.
The transactions were between three to 10 years with asking rents between $95 and $130 per square foot, according to C&W.
C&W’s Ethan Silverstein, Ron Lo Russo, Dan Organ and Peter Kerans represented the landlord, DivcoWest, in the newly minted office lease transactions.
“[The building at] 540 Madison Avenue offers the flexible, luxury work experience that today’s tenants desire,” Silverstein said in a statement. “With a newly renovated lobby and a two-floor amenity space with large outdoor seating, conference spaces, a full cooking kitchen and spa-like showers, this asset is fit for a myriad of tenants. The building’s updated amenities have proven to be a major attraction and a unique offering for a boutique building in this submarket.”
Newmark (NMRK)’s Brad Needleman handled the deal for Recognize, Simcoe was represented by Circle Realty’s Jay Futersak and Norman Bobrow and Soon Rhee of First New York Realty brokered it for Pacific General. Allyson Bowen and Christina Bicks of Savills negotiated on behalf of Foresite. Representatives for First New York and Newmark did not immediately respond to requests for comment.
“We were thrilled to represent Simcoe Capital in their relocation to 540 Madison Avenue,” Futersak said in a statement, while Bowen noted in a statement that the landlord was “incredibly responsive to our client’s needs during the lease negotiations, including furnishing the space so that Foresite had a move-in ready office.”
LSV Advisors renewed its lease for 6,950 square feet on the entire 33rd floor with representation by Ben Friedland and Evan Fiddle of CBRE and Heraeus Precious Metals did the same for its 4,626-square-foot lease on part of the 16th floor. The latter tenant was represented by C&W’s Michael Burgio and Dan Organ.
Mark Hallum can be reached at mhallum@commercialobserver.com.
