JLL Inks Lease Renewal on 980 Madison Ave.

The Gagosian Gallery signed a 10-year agreement on slightly more than 50,000 square feet in the Class A office building.

April 14, 2011
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user morrissey

A contemporary art gallery has renewed its lease on slightly more than 50,000 square feet at Manhattan’s 980 Madison Ave. The Gagosian Gallery inked a 10-year lease on the space in the 90,882-square-foot Class A office building. The agreement was arranged by Jones Lang LaSalle.

Gagosian will continue to occupy the fourth and sixth floors as well as a portion of the fifth floor. The gallery, which is owned by Larry Gagosian, has nine other spaces besides 980 Madison: two others in New York, two in London, one in Rome, one in Athens, Greece, one in Paris and one in Geneva.

The gallery was represented by Scott Panzer, Steven Rotter and Jeff Fischer of Jones Lang LaSalle’s New York office, while building owner RFR Realty L.L.C. was reprented in-house by Aby Rosen.

According to Panzer, the market intelligence provided by Gagosian allowed the successful lease negotiation.