Leases  ·  Office

One Equity Partners Renews and Doubles 510 Madison Space

reprints


A private equity group is keeping and doubling its Midtown offices, Commercial Observer has learned.

One Equity Partners signed a “long-term” renewal and expansion for 23,000 square feet on the entire 18th and 19th floors of Boston Properties 510 Madison Avenue, according to a source with knowledge of the deal. 

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The private equity firm originally moved into the 11,500-square-foot 19th floor on a 10-year lease when the building between East 52nd and East 53rd streets was owned by Harry Macklowe. One Equity expanded to the 18th floor with the new deal. Asking rent was between $100 and $150

Newmark (NMRK)’s C.J Heitner brokered the deal on behalf of the tenant while Boston Properties used in-house representation.

Boston Properties did not respond to a request for comment, and Newmark declined to comment.

Macklowe designed and developed the 30-story, 350,000-square-foot property in the 2000s with the intention of leasing to small finance firms. Macklowe had trouble getting the building occupied until 2010, when he turned to leasing to hedge funds, CO previously reported. Macklowe ended up selling the building to Boston Properties in 2011 for $287 million.

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