Superyacht Agency Burgess Takes 16K SF at 540 Madison Avenue
By Abigail Nehring May 16, 2024 1:48 pm
reprints
Superyacht agency Burgess has a new address on “terra firma” in Midtown.
The 49-year-old global yacht chartering company announced Thursday it took 16,000 square feet on the 19th floor of DivcoWest’s 540 Madison Avenue. Burgess will relocate from its current spot about seven blocks north at 111 East 61st Street. It’s unclear if its new digs are bigger.
A spokesperson for Burgess declined to share the length of the lease or asking rent, but average asking rent for office space on Madison and Fifth avenues in Midtown was $102.12 per square foot in the first quarter of 2024, according to a Cushman & Wakefield report.
Matt Emerson, senior partner at Burgess, brokered the deal for the firm and said in a statement that 540 Madison “epitomizes the sophistication and prestige” of the Plaza District.
The fancy location was important to Burgess since its brokers often meet with their yachting world clients at the office, Emerson added.
Aside from its New York space, the London-based Burgess also has outposts in Miami and Beverly Hills, Calif., and 16 offices in total around the world, according to the company.
It’s unclear who brokered the deal for DivcoWest. A spokesperson for the landlord did not immediately respond to a request for comment.
The 39-story office building between East 54th and East 55th streets has recently signed up a few new retail tenants on the street level, including Danish electronics maker Bang & Olufsen and Brazilian jeweler H. Stern, as Commercial Observer previously reported.
Abigail Nehring can be reached at anehring@commercialobserver.com.
