Fintech Firm Quantitative Brokers Renews 7K-SF HQ at 285 Madison Avenue
By Abigail Nehring May 20, 2024 4:19 pm
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Fintech firm Quantitative Brokers will buckle in for another seven years at RFR Realty’s 285 Madison Avenue, Commercial Observer has learned.
Quantitative renewed its lease for 7,070 square feet on the 17th floor of the 26-story office building between East 40th and East 41st streets, according to a source with knowledge of the deal.
Asking rent was $85 per square foot, the source said. That’s a $3 per square foot hike from the office’s asking rent in 2019, when Quantitative moved into the building.
The firm was founded in 2008 and has opened offices in the U.K., India and Australia in addition to its New York headquarters, according to its LinkedIn page.
Quantitative designs algorithms for clients to reduce trading costs on numerous global futures exchanges and describes itself as “a cross between a brokerage, a fintech, and an analytics vendor,” according to its website.
JLL (JLL)’s Sam Seiler arranged the deal for the tenant while Ryan Silverman and AJ Camhi represented RFR in-house.
Seiler declined to comment. Neither Silverman nor Camhi responded to requests for comment.
Aby Rosen’s RFR has poured $65 million into renovating the 530,000-square-foot building since buying it in 2012. Since then, RFR signed deals with new office tenants, including Tommy Hilfiger, which started leasing nearly half the building in 2019, as CO previously reported.
However, despite a healthy occupancy rate of 95 percent, RFR’s $235 million commercial mortgage-backed securities loan tied to 285 Madison hit special servicing in 2022, with the landlord seeking an extension for its maturity date. RFR was able to get that extension, but the loan returned to special servicing in April, according to Trepp.
Update: The story was updated to clarify the status of the building’s CMBS loan.
Abigail Nehring can be reached at anehring@commercialobserver.com.
