Vendor Manager Concertiv Takes 11K SF at PGIM’s 180 Madison

Concertiv, which provides procurement services for mid-market financial services firms, is moving its New York City office from Chelsea to Murray Hill, Commercial Observer has learned.

The company signed a five-year lease for 11,000 square feet on the entire 20th floor of PGIM Real Estate’s 180 Madison Avenue, according to a source with knowledge of the deal. Asking rent was $70 per square foot.

Savills’ Kirill Azovtsev, James Wenk and Alex Redlus brokered the deal for the tenant, while Newmark (NMRK)’s Jonathan Fanuzzi, Eric Cagner and Matthew Leon represented the landlord.

Savills declined to comment, while spokespeople for Newmark, Concertiv and PGIM did not immediately respond to requests for comment.

The deal will be a relocation for Concertiv, which previously had its offices at 104 West 27th Street in Chelsea, according to the source.

Concertiv, which was founded in 2014 and focuses on data, technology, travel and insurance, will join several other tenants at PGIM’s 24-story office tower, including the New York City School Support Services, DeVry College of New York and luggage company Tumi, which occupies the ground-floor retail space.

180 Madison underwent a major renovation and repositioning in 2016, after HHF arranged a $110 million loan syndicated by J.P. Morgan Chase and German lender Helaba on the property, as Commercial Observer previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.