Finance, Real Estate Tenants Nail Down 25K SF Worth of Space at 575 Madison Avenue
By Rebecca Baird-Remba October 19, 2023 4:35 pm
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A group of finance, real estate and consulting tenants have inked a total of 24,688 square feet of new leases at 575 Madison Avenue in Midtown, according to CBRE.
The largest of the deals was with Corbin Capital Partners, a woman-led hedge fund that took 11,157 square feet on the entire 21st floor in a move from nearby 590 Madison Avenue. The space is newly constructed for Corbin and includes a large terrace, according to CBRE.
CBRE’s Ben Friedland, Taylor Scheinman and Gary Davies represented Corbin in the lease negotiations and declined to comment via a spokesperson.
Residential real estate developer Standard Communities took 6,547 square feet on the eighth floor, occupying a new pre-built office suite. The Los Angeles-based firm builds and manages affordable and workforce housing, overseeing a portfolio of 19,000 units across 15 states. The firm is relocating from 570 Lexington Avenue, between East 50th and East 51st streets.
Randy Abend and Carlee Palmer of JLL represented the firm in the deal and didn’t immediately return a request for comment via a spokesperson.
In two smaller deals, financial consultant The Garnett Group took 4,032 square feet on part of the 16th floor, and family real estate office DGL1 leased 2,952 square feet on the same floor. Brian Goldman and Douglas Levine of Newmark represented both tenants.
Asking rents in the building range from the low $70s to the mid-$80s per square foot, according to a CBRE spokesperson. CBRE declined to specify the lease lengths for individual deals, but did say that the leases ranged from five to 10 years. CBRE’s David Hollander, Gregg Rothkin, Brad Auerbach, Justin Greenstone and William Hooks represented landlord Steinberg & Pokoik Management in all four of the leases.
“575 Madison offered the new tenants the rare opportunity to occupy office space in the highly desirable Plaza District in a newly renovated building with attractive economics in Midtown Manhattan,” Hollander said in a statement.
The tower at East 57th Street and Madison Avenue recently underwent a renovation, including a revamped lobby, retail space, elevator cabs, and a new 26th-floor amenity center.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
