GFP Real Estate Signs Nokia to Three More Years at 171 Madison Avenue

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Nokia just Finnish-ed up a major lease extension for its offices at 171 Madison Avenue.

The Finland-based telecommunications, information technology and electronics company signed a three-year extension for its existing 11,880-square-foot office on the 11th and 16th floors of the 17-story building owned by GFP Real Estate.

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Nokia first moved into 171 Madison Avenue in March 2020 when it finalized the acquisition of Elenion Technologies and has since used the space for its executive offices as well as a “clean lab” for testing energy saving-technologies under development. Elenion’s lease expired at the end of 2021.

One hundred and seventy-one Madison Avenue continues to attract major tenants of all types seeking a convenient location with space offering great light, upgraded finishes and the cachet of a Madison Avenue address,” Allen J. Gurevich of GFP, who represented the landlord in-house, said in a statement.

Christel Engel of Colliers represented Nokia in the transaction and did not immediately respond to a request for comment. The landlord declined to provide the specific asking rents, but said they generally are in the $50-per-square-foot range in the building.

Aside from Nolkia’s deal, Redstone Strategy Group, a business consulting and services firm, signed a new three-year lease for 2,300 square feet on the 12th floor, with Eli Someck representing the tenant in-house in the transaction. Gurevich also brokered on behalf of the landlord in the deal.

The 135,000-square-foot building is of 1918 vintage, designed by architect William H. Gompert but renovated with a new lobby, building entrance and elevators.

Mark Hallum can be reached at mhallum@commercialobserver.com.