RXR Leases to Yaupon Capital, Northampton at 340 Madison
By Mark Hallum April 17, 2024 2:58 pm
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RXR has been scaring up new tenants for 340 Madison Avenue, signing more than 17,386 square feet so far in the second quarter of 2024, Commercial Observer has learned.
The largest was Yaupon Capital Management" class="company-link">Yaupon Capital Management, which committed to a three-year lease across 6,917 square feet on the third floor of the building between East 43rd and East 44th streets, according to the landlord.
RXR declined to provide the asking rent, but the average asking rent in Midtown was $82.84 per square foot in the first quarter of 2024, according to a report from CBRE.
Yaupon previously was headquartered at 104 West 40th Street and already moved into the property, according to Securities and Exchange Commission filings and Yaupon’s website.
Ben Friedland and Hugh McDonald of CBRE (CBRE) represented Yaupon in the deal while William Elder and Andrew Ackerman of RXR and Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL (JLL) brokered it for the landlord.
CBRE and JLL did not immediately respond to requests for comment.
The second largest of the batch was Northampton Capital Partners" class="company-link">Northampton Capital Partners, which signed a three-year lease for 5,542 square feet on the 10th floor, according to RXR. David Mainthow and Steven Langton of Cushman & Wakefield (CWK) represented the tenant but did not immediately respond to a request for comment.
It’s unclear if this is a new office or relocation for Northampton, which is based in Dix Hills, N.Y.
“The infrastructure upgrades and state-of-the-art amenities center cater to the contemporary tenant, and the building has an upscale boutique feel despite its size,” Elder, RXR’s executive vice president, said in a statement. “The addition of Northampton Capital Partners and Yaupon Capital Management further cement the building’s position as a coveted location within the financial industry.”
Oher recent deals in the building include SRS Real Estate Partners, which signed a one-year renewal for its 4,927-square-foot space on the third floor; investment firm Tide Rock, which agreed to a two-year lease for 4,123 square feet on the 22nd floor; Boundary Creek Advisors with a five-year deal for 3,864 square feet on the 12th floor; and Edelman Financial Engines in a five-year renewal of its 3,811 square feet on the 22nd floor.
Mark Hallum can be reached at mhallum@commercialobserver.com.
