Wellness Center, Clothing Importer Ink Deals at 515 Madison Avenue
By Mark Hallum July 25, 2023 12:54 pm
reprints
A wellness center and clothing importer have signed office leases at GFP Real Estate’s 515 Madison Avenue in Midtown East.
Weiss Wellness signed a 10-year lease for 6,536 square feet on the fifth floor of the building, while Components by John McCoy struck a five-year deal for 5,212 square feet on the 20th floor, according to the landlord.
GFP did not disclose the asking rents, but Midtown had an average asking rent of $79.85 in the second quarter of 2023, according to a report from Newmark.
Weiss Wellness has operated in the building in a 4,000-square-foot space on the third floor since 2017, while Components by John McCoy relocated from 3,000 square feet at 135 East 55th Street, according to Jacob Wolkenfeld of Norman Bobrow & Company, who negotiated on behalf of Components by John McCoy.
“Having a Madison Avenue address was very attractive for the client. The aesthetic of the building is kind of older, but that actually catered to what he was looking for,” Wolkenfeld told Commercial Observer. “In order to make a deal nowadays, you need to get a home run, grand slam of an economic package, because tenants aren’t stupid and they know they know what’s going on out there.”
Martin McGrath of GFP and William Grover of Newmark represented the landlord in both deals with GFP also representing the tenant in the Weiss renewal.
Also known as the DuMont Building, the 42-story, 370,000-square-foot 515 Madison was built in 1932 and was home to one of the first television stations, W2XWV, established by Allen B. DuMont in 1938.
The historic antenna can still be seen on top of the structure.
Mark Hallum can be reached at mhallum@commercialobserver.com.
