Manhattan Trophy Building Welcomes New Tenants
- May 31, 2017
William Kaufman Org.’s 437 Madison Ave. welcomed two new tenants and inked a lease expansion at the Midtown Manhattan trophy asset. Munich American Reassurance Co. signed a 10-year, 18,650-square-foot lease for the building’s entire 26th floor for its new U.S. Life office. The company is expected to move in during the fourth quarter of 2017, from its current office located at 1177 Avenue of the Americas. Savills Studley’s Nick Zarnin and Craig Lemle represented the tenant, while the owner was represented in-house by its subsidiary Sage Realty Corp. Vice President & Director of Leasing Michael Lenchner, accompanied by JLL’s Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster.
The second tenant is alternative investment firm Eos Management LP, which signed a seven-year, 9,576-square-foot lease, planning to occupy part of the 14th floor starting in the third quarter of the year. The company will relocate from its 320 Park Ave. location. Transwestern’s Lindsay Ornstein and Lauren Davidson represented Eos.
The third lease consists of Montgomery McCracken Walker & Rhoads LLP’s 7,458-square-foot office expansion. The firm will occupy a total of 35,755 square feet on the entire 23rd and 24th floor.
The 850,000-square-foot, Class A building comprises 40 stories built in 1967. It features a Modernist architecture designed by Emery Roth & Sons. The asset recently underwent a multimillion-dollar renovation, including a reimagined lobby and arcade area, a new plaza, refurbished elevators, improved building systems and a 15th-floor lounge with outdoor conference rooms, yoga classes and views of St. Patrick’s Cathedral.
“Over the last two years, we have transformed 437 Madison Ave. into one of Midtown East’s leading destinations for law firms, financial companies and media tenants,” Lenchner said in a prepared statement.
In the last six months, Sage Realty Co. signed another two leases at 437 Madison Ave. Other tenants include Omnicom Group Inc., Medallion Financial Corp., Kekst & Co. and Carnegie Corp. of New York. The asset offers 38,178 square feet of available space on the 39th and 40th floors. The asking rents range between $80 and $110 per square foot.
Image via 437 Madison Ave.’s website