Fashion House Zadig & Voltaire Moving NYC HQ to 12K SF at 515 Madison Avenue
By Mark Hallum April 5, 2023 1:38 pm
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Hot on the heels of a deal to avoid foreclosure on 515 Madison Avenue, GFP Real Estate announced several new leases in the Midtown office building.
In the largest one, Zadig & Voltaire, a Paris-based fashion house, signed a 10-year lease for 12,000 square feet on the ground, second and third floors of 515 Madison with plans to relocate its New York City flagship from 453 Broome Street in SoHo, according to the landlord.
Asking rents in the property, also known as the DuMont Building, were not disclosed, but Colliers placed the average asking rents in Midtown at $78.35 per square foot for the first quarter of 2023.
“515 Madison Avenue continues to attract high-end fashion houses, retailers and professional services companies looking to capitalize on the high volume of foot traffic from office workers, residents and tourists alike,” Martin McGrath of GFP Real Estate said in a statement.
Michael Leifer of Runyon Group negotiated on behalf of the tenant while McGrath and Jeffrey Gural represented the landlord in-house. William Grover of Newmark (NMRK) also worked on the deal for GFP.
Leifer did not immediately respond to a request for comment.
Aside from Zadig & Voltaire, Mark Ingram Atelier, a bridal showroom, also inked a 15-year deal for 8,340 square feet on the second floor of the building facing East 53rd Street, taking the place of Hartman Rare Art which previously operated out of the space.
Mark Ingram Atelier will use the space for office and retail, relocating from 110 East 55th Street.
Curtis Woodside and Lisa Rosenthal of Compass represented Mark Ingram Atelier in the deal while Gural, McGrath and Grover handled the deal for the landlord.
“It has always been Mark Ingrams’ dream to have a wildly successful wedding dress atelier on Madison Avenue, and we get to help make that dream come true,” Woodside said in a statement. “The rebounding vitality of Madison Avenue made choosing 515 an obvious opportunity.”
Private investment bank Fagenson & Company took 2,238 square feet on the third floor for a term of five years with Ralph Chattah of Noah & Company representing the tenant and McGrath and Grover representing the GFP. Noah & Company declined to comment.
Padell Business Management, an accounting firm that specializes in representing performers, also signed a seven-year lease for 2,801 square feet on the 19th floor, with Michael Joseph of Colliers representing the firm.
Other recent deals include CNP Staffing Group, which took 1,725 square feet on the 11th floor, and Cleveland H. Dodge Foundation, which moved to the same floor with a 1,700-square-foot lease, according to GFP.
Mark Hallum can be reached at mhallum@commercialobserver.com.
