Archdiocese of New York Consolidating Offices to 142K SF at 488 Madison Avenue
By Mark Hallum January 16, 2024 11:38 am
reprints
The Archdiocese of New York’s prayers for a new office space have been answered.
The Catholic diocese, one of the largest in the world, will consolidate a number of its administrative offices around the city to 488 Madison Avenue after signing a 30-year, 142,308-square-foot lease in the property, according to landlord the Feil Organization.
The Feil Organization did not disclose the asking rent, but Midtown averaged $82.89 per square foot in the fourth quarter of 2023, according to a report from CBRE.
The archdiocese has had its headquarters at 1011 First Avenue for more than five decades and started reducing its footprint there a decade ago. It will relocate that office to 488 Madison, along with some other spaces around the city, in 2025, according to the landlord and the Staten Island Advance.
Located between East 51st and West 52nd streets, 488 Madison will give the archdiocese a clear view of St. Patrick’s Cathedral across 51st Street.
“Across the portfolio, we have generated undeniable momentum, and 488 Madison’s coveted central location and access to public transit has contributed to our continued success,” Andrew Wiener, who represented Feil in-house in the deal, said in a statement.
Mary Ann Tighe and Lauren Crowley Corrinet of CBRE (CBRE) brokered the deal for the archdiocese.
“The Feil Organization has established a shining reputation as a multi-generational owner/operator that delivers on its commitments and, given the archdiocese’s desire for turnkey space, the firm’s demonstrated capabilities were fundamental to creating a deal,” Tighe said in a statement.
Other tenants in the building include law firm Kudman Trachten Aloe Posner, which leased 10,593 square feet in February 2023; Shawmut Design and Construction, which signed a 27,015-square-foot deal in June 2022; and Standard Security Life Insurance Company of New York, which agreed to 11,314 square feet in April 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
