Relation Insurance Signs 5K-SF Lease at 171 Madison Avenue

Insurance broker Relation Insurance Services has signed a five-year lease for 4,883 square feet at GFP Real Estate’s 171 Madison Avenue after acquiring the company that occupied the space.

The company that expands through partnerships with other insurance brands acquired insurance firm Albert G. Ruben in the last month, and turned over a new leaf by putting its name on the lease for space on the building’s fourth floor, according to the landlord.

Asking rent at 171 Madison ranges between $55 and $76 per square foot, according to GFP. The 17-story building sits at the corner of Madison Avenue and East 33rd Street, one block east of the Empire State Building.

Allen Gurevich of GFP Real Estate handled the deal in-house for the landlord while Tim Intravia of Conrad Real Estate negotiated on behalf of Relation in the deal.

Intravia did not immediately respond to a request for comment.

The deal was signed around the same time that psychotherapy practice Sōhum Therapy signed a five-year, 760-square-foot lease on the 10th floor in a relocation from 220 Fifth Avenue, GFP said.

Other tenants in the building include Pella Windows & Doors and outdoor furniture manufacturer Vondom, which signed retail leases for 2,400 square feet and 2,850 square feet, respectively, in August 2024.

Sound system designer Presentation Products also signed a seven-year renewal for its 6,196-square-foot office on the 12th floor in June 2024.

Mark Hallum can be reached at mhallum@commercialobserver.com.