Law Firm Kudman Trachten Aloe Posner Takes 11K SF at 488 Madison Avenue
KTAP signed a five-year lease for 10,593 square feet, according to the landlord. Asking rent was $70 per square foot.
The law firm will relocate from 800 Third Avenue to the entire 23rd floor of 488 Madison, which Feil is partially renovating. The building takes up all of Madison Avenue between East 51st and 52nd streets.
“After exhausting all relevant alternatives on the market, we successfully uncovered an off-
market opportunity at 488 Madison Avenue,” Newmark’s Scott Gutnick, who represented KTAP alongside Cooper Weisman, said in a statement. “The space allows KTAP to take advantage of full-floor efficiencies and an existing office-intensive installation that ownership is significantly upgrading.”
David Turino, director of commercial leasing at The Feil Organization who represented the landlord in-house, said the building’s view overlooking St. Patrick’s Cathedral and the firm’s willingness to transform space for tenants has helped it sign deals in an otherwise tough market.
Aside from KTAP, two other firms recently took space in the landmarked, 447,000-square-foot office building constructed in 1949.
Slater Slater & Schulman, another law firm, signed a five-year deal to turn its sublease of the 20th floor into a 4,473-square-foot lease with an asking rent of $70 per square foot, according to the landlord.
Michael Nazarian and Matt Kashani of Norman Bobrow & Company represented Slater Slater & Schulman, with Nazarian saying it needed space to grow because of recent growth..
Finally, Madison Realty will be relocating from 3 East 54th Street with a 2,469-square-foot, 10-year lease that had an asking rent of $68 per square foot.
Jonathan Anapol of Prime Manhattan Realty represented Madison in the deal.
“Even though there are a large amount of vacancies in the market, small spaces of 2,000, 3,000, 4,000 square feet are still hard to identify,” Anapol told CO. “Landlords are still reluctant to take a 10,000-square-foot floor and divide it down.”
Mark Hallum can be reached at firstname.lastname@example.org.