Berkshire Hathaway Residential Brokerage Grows at the IBM Building
Berkshire Hathaway (BRK.A)’s residential brokerage arm is expanding in the IBM Building at 590 Madison Avenue.
Berkshire Hathaway HomeServices New York Properties has inked a seven-year lease for 8,600 square feet at the 43-story building on the corner of East 57th Street. The brokerage currently occupies 6,064 square feet in the 1 million-square-foot office tower. It plans to move into its new space — formerly leased by Bonhams New York — this fall.
Jeffrey Sussman of Edward J. Minskoff Equities represented the landlord, the Board of the State Teachers Retirement System of Ohio (STRS Ohio) in the transaction. A representative for Minskoff declined to disclose the asking rent in the deal. Jeff Berman of Berkshire Hathaway HomeServices represented the tenant.
“We needed more space to accommodate our growing team as we continue to expand our presence across NYC,” said Candace Adams, the president and CEO of Berkshire Hathaway HomeServices’ regional operations. “With plans to continue that growth trajectory over the next several years — and with our existing lease coming to an end — the timing was perfect.”
The property includes a public three-story atrium with a coffee shop and a cafe, a new fitness center, tenant lounge, and a parking garage.
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