Evertree Insurance and Equity Manager Tekne Capital Lease Space at 400 Madison Avenue
By Mark Hallum January 15, 2024 9:00 am
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Daishin America has a slew of new tenants at 400 Madison Avenue, Commercial Observer has learned.
In the largest deal, Evertree Insurance signed a 3,390-square-foot lease in the building, which it has already started to occupy. Meanwhile, equity manager Tekne Capital Management is relocating from 509 Madison Avenue into 3,095 square feet, according to landlord broker Cushman & Wakefield (CWK).
The lengths of the leases were not disclosed but asking rent in the building ranged from $65 to $77 per square foot.
Evertree and Tekne weren’t the only deals signed in the 22-story office tower between East 47th and East 48th streets. Investment management firm Cipher Capital" class="company-link">Cipher Capital took 2,743 square feet, property maintenance company Hogarth Davies Lloyd renewed its 2,564 square feet, and the nonprofit National Committee on American Foreign Policy inked a 1,940-square-foot lease during the fourth quarter.
“We experienced a successful year at 400 Madison Avenue, signing 15 leases totaling 47,000 square feet throughout 2023,” C&W’s Harry Blair, who represented the landlord with Lauren Hale and Michelle Mean, said in a statement. “As tenants continue to prioritize well-being and accessibility, they will benefit from the property’s brand-new, state-of-the-art conference center and tenant lounge, as well as Grand Central Madison’s entrance across the street from the building, allowing for direct access to numerous public transportation options.”
Newmark’s Scott Gutnick and Cooper Weisman represented Tekne in the deal while Reid Longley of Colliers represented Evertree. Colliers and Newmark did not immediately respond to a request for comment.
Daishin America purchased 400 Madison Avenue in 2018 from ASB Capital Management for $194.5 million, according to The Real Deal. Daishin America is a subsidiary of South Korean financial securities company Daishin Securities.
Mark Hallum can be reached at mhallum@commercialobserver.com.
