Construction Firm Urban Atelier Takes 25K SF at 41 Madison Avenue for New HQ
By Isabelle Durso November 4, 2024 12:08 pm
reprints
Construction firm Urban Atelier Group is moving its headquarters to Rudin’s 41 Madison Avenue.
Urban Atelier, which aims to integrate construction management with design, has signed a 15-year lease for 25,268 square feet on the entire 12th and 13th floors of the 42-story Midtown tower overlooking Madison Square Park, according to the landlord. Asking rent was $79 per square foot, according to tenant broker RDE Advisors.
The deal represents a relocation and expansion for Urban Atelier, which will move out of its current 18,000-square-foot headquarters at SL Green Realty’s 85 Fifth Avenue in the second quarter of 2025, Rudin said.
“Our century-long ownership model focuses on providing an elevated product with premium workspaces in prime locations,” Rudin co-CEO Michael Rudin said in a statement. “We welcome Urban Atelier Group to 41 Madison Avenue, whose headquarters commitment builds on the great leasing momentum we have experienced since the completion of our capital improvement program.”
The deal was first reported by the New York Post.
Rudin’s Robert Steinman represented the landlord in-house, while RDE Advisors’ Ross Eisenberg brokered the deal for the tenant. A spokesperson for Urban Atelier did not immediately respond to a request for comment.
Urban Atelier’s lease follows other recent deals at the Flatiron District building, including law firm Clarick Gueron Reisbaum’s 13,394-square-foot lease in June and hedge fund Polar Asset Management Partners’ recent expansion to 9,761 square feet, Rudin said.
Rudin’s 560,000-square-foot building at 41 Madison Avenue, which opened in 1974, recently underwent a “large-scale renovation” including updates to the lobby, lounge, and event and conference space, according to the landlord.
The tower is also home to title insurance agency Kensington Vanguard, architecture firm TenBerke, talent firm The Gersh Agency and restaurant and bakery Mark’s Off Madison.
Isabelle Durso can be reached at idurso@commercialobserver.com.
