777 Partners Leases 18K SF at One Madison Avenue
By Mark Hallum January 27, 2023 2:30 pm
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A Miami-based alternative investment platform is establishing a presence in New York City.
777 Partners recently signed a 15-year lease for 18,476 square feet at SL Green Realty’s One Madison Avenue, which will place the firm on the entire 27th floor once construction is complete, according to the landlord.
SL Green declined to provide the asking rent, but asking rents have ranged between $115 to $145 per square foot in the tower, as Commercial Observer previously reported.
777 Partners, which has its main headquarters at 600 Brickell Avenue in Miami, was represented by Peter Sabesan and Gregg Cohen of Cresa, while Paul Glickman, Alexander Chudnoff, Diana Biasotti and Benjamin Bass of JLL (JLL) handled the deal for SL Green. JLL declined to comment.
Sabesan said in a statement that 777 Partners “is looking forward to moving into the most amazing space in a premier new building.”
One Madison has attracted other investment firms, most notably Franklin Templeton Investments committing to a 15-year lease in September 2022 for 347,474 square feet spanning floors 11 through 22 in the 1.4 million-square-foot office tower.
Franklin Templeton’s deal ranked among the 10 biggest of the year.
Restaurateur Daniel Boulud also plans to open a 16,000-square-foot steakhouse on the ground floor while acting as the caterer for the 7,000-square-foot tenant lounge and 11,000-square-foot rooftop event space, CO reported in December.
SL Green bought One Madison from MetLife for $918 million in 2005 and got to work on a $2.3 billion plan to gut-renovate the historic property — preserving the limestone facade — and add a new, 500,00-square-foot glass tower on top.
It sold a 49.5 percent stake to the National Pension Service of Korea and Hines in 2020, then an anonymous investor picked up another 25 percent of SL Green’s stake in the asset in December 2021.
SL Green plans to finish work on the tower later this year.
Update: This story has been updated to include a comment from Peter Sabesan.
Mark Hallum can be reached at mhallum@commercialobserver.com.
