The Sapir Org. Inks Long-Term Manhattan Lease

Canon decided to remain in the building and signed a direct lease with the landlord for six years with a five-year renewal option.
261 Madison Ave.

The Sapir Org. has signed a 24,408-square-foot, six-year lease with Canon Business Process Services Inc. at one of its Manhattan office buildings, with a five-year renewal option. The tenant will continue to occupy the asset’s entire third floor. Canon previously sublet the space from Radio Networks LLC, which has recently entered Chapter 11 proceedings.

Located at 261 Madison Ave., the former AMF Building comprises 383,934 square feet across 28 floors and an 18,000-square-foot first-floor retail component. According to Yardi Matrix, the Class A asset was completed in 1954 and underwent renovations in 2009 and 2014. Notable tenants include Allergan USA, Signature Bank, the Japanese Zuma restaurant as well as Knotel, which continues to increase its New York footprint.

The property is situated in the borough’s Murray Hill neighborhood, in the vicinity of Bryant Park, The Morgan Library & Museum, cafes, restaurants and accommodation options. Additionally, Grand Central Terminal is within a five-minute walk.

Image courtesy of The Sapir Org.