Financial Technology Firm CAIS Expands in Midtown
By Celia Young February 2, 2023 5:32 pm
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CAIS, an investment platform for financial advisers, is growing in Midtown.
CAIS inked a five-year deal to take an extra 4,484 square feet of 527 Madison Avenue, bringing its total footprint to 17,734 square feet across the entire second floor and part of the 12th floor of the property, Real Estate Weekly first reported.
Asking rent was $95 per square foot in the expansion, according to landlord Mitsui Fudosan America.
CAIS takes over the space from the German automation company Siemens, which relocated to the ninth floor, and wanted to move into the prebuilt offices quickly to accommodate its growing team, said Slater Traaen, Mitsui Fudosan’s senior director of asset management and leasing.
The lease comes after CAIS, which provides independent financial advisers with a platform to manage their investments, secured a deal with private equity firm Warburg Pincus in December to include Warbug’s funds on the CAIS platform.
Other tenants at the 26-story building between East 53rd and East 54th streets include private equity firm Clarion Capital Partners, Australia’s largest pension fund AustralianSuper, and hedge fund Lone Pine Capital.
Newmark (NMRK)’s Brad Needleman represented CAIS. Cushman & Wakefield (CWK)’s Mark Boisi, Stephen Bellwood and Bryan Boisi handled the lease for the landlord.
Needleman and CAIS did not immediately respond to requests for comment. A spokesperson for C&W confirmed the deal but declined further comment.
Celia Young can be reached at cyoung@commercialobserver.com.
