FedEx Inks 2K SF at 477 Madison Avenue
The transport company snagged a retail space on the ground floor of the 24-story building near St. Patrick’s Cathedral between East 51st and 52nd streets, The New York Business Journal first reported. Asking rent was $270 per square foot for the 10-year lease, said Retail by MONA’s Brandon Singer who represented the landlord, RFR Holding, alongside Michael Cody and Sara Armet.
“[FedEx] is a good amenity tenant to the neighborhood and the building above,” Singer said. “They are a national brand and in today’s world [this deal] says a lot about Midtown.”
The space was formerly occupied by an Express clothing store, which left in 2019 before Aby Rosen’s RFR bought the 325,000-square-foot building for $260 million in July of that year. RFR landlord has divided the retail floor into separate, smaller storefronts to lease out, Singer said.
RFR also just wrapped a renovation of the building, which includes a new fitness center, conference rooms, outdoor terrace space and a lounge, NYBJ reported. The offices above FedEx’s new outpost are occupied by private asset management firm Ariel Alternatives, law firm Rivkin Radler and investment firm Atlas Merchant Capital.
Newmark (NMRK)’s Joshua Strauss and Scott Zinovoy represented FedEx in the transaction. Strauss and Zinovoy did not respond to requests for comment.
Celia Young can be reached at email@example.com.