Alvarez & Marsal Brokerage Arm Expands Office With Move to 488 Madison Avenue
By Abigail Nehring May 14, 2024 2:37 pm
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The 3-year-old real estate advisory arm of business consultants Alvarez & Marsal needs more turf in New York City, and found it at 488 Madison Avenue, Commercial Observer has learned.
Alvarez & Marsal Property Solutions (AMPS) signed a three-year lease to relocate to 10,700 square feet on the 22nd floor of the Feil Organization’s 24-story office building between East 51st and East 52nd streets, according to a spokesperson for AMPS.
AMPS did not disclose the asking rent. Average asking rent for office space on Madison and Fifth avenues in Midtown was $102.12 in the first quarter of 2024, according to a Cushman & Wakefield report.
AMPS Managing Director Matthew Krell said the firm needed to move since it outgrew its 6,000-square-foot office on the eighth floor of 600 Madison Avenue, six blocks north of its new address.
“We had a lot of success in our first three and a half years and have been hiring across the spectrum,” Krell said. “We are in the office five days a week. We want people to be excited about being in the office in a space that’s fun and gives us the ability to host our clients.”
Plus, Krell added, the new address brings AMPS closer to Grand Central Terminal, which helped win over staff members who commute from Westchester County and Long Island.
Since its founding during the pandemic, the retail-focused firm has grown its client list to about 30 tenants nationally, according to Krell. It has a 23-person staff in New York, and the new space will allow it to increase headcount to about 40, Krell said. AMPS also has an office in Chicago, which focuses on property management.
An in-house team arranged the deal for AMPS, but a spokesperson for the company did not disclose the names of the brokers involved. Feil was represented in-house by Andrew Wiener.
“Signing this new lease at 488 Madison Avenue marks a significant milestone in our journey,” Michael Marsal, AMPS’s managing director and co-founder, said in a statement. “This expansion is a testament to our success and our confidence in the future.”
And Alvarez & Marshal isn’t the only company decamping to the 447,000-square-foot Madison Avenue building soon. The Archdiocese of New York also recently signed up for 142,308 square feet to consolidate its offices around the city to 448 Madison, as Commercial Observer previously reported.
Wiener, for his part, said in a statement that Madison Avenue is thriving. The corridor “continues to be the preferred location for top companies and organizations seeking a central footprint that is close to public transit and world-class retailers,” Wiener said.
Update: This story has been updated to include a statement from Feil’s Andrew Wiener.
Abigail Nehring can be reached at anehring@commercialobserver.com.
