Manhattan, NY RFR has signed two new financial firm leases totaling 20,739 s/f at 477 Madison Ave., 60 days after acquiring the property and subsequently launching a comprehensive capital improvement program to elevate the quality of the building.
Atlas Merchant Capital and Atlantic Street Capital signed leases at the 325,000 s/f, 24-story office building located on the northeast corner of 51st St. and Madison Ave. overlooking St Patrick’s Cathedral.
Atlas Merchant Capital, which invests in market opportunities in the financial services sector, signed a 12,334 s/f lease for the top two full floors. Led by its co-founders, Bob Diamond, the former chief executive at Barclays, and David Schamis, Atlas brings its deep operating and investing experience and extensive industry relationships to bear in all its efforts.
Additionally, Atlantic Street Capital will open its first New York office by taking 8,405 s/f on the 11th floor of the tower. The operationally focused private equity firm partners with entrepreneurs and management teams to create shared success.
“Since taking ownership and revealing our repositioning story we have received strong interest in our availabilities,” said AJ Camhi, senior vice president at RFR, who is overseeing the in-house leasing team. “Prototypes of the new windows, railings and landscaping and new façade color are already on-site for viewing.”
RFR has commenced a reinvention of the building featuring a full façade facelift and new large windows, new retail storefronts, enhanced landscaped terraces with glass balcony railings, and new efficient mechanical systems. The lobby is currently exhibiting works by Jeff Koons and Katherine Bernhardt. A new tenant amenity space will provide conference rooms for large and small meetings as well as a town hall setting. Additionally, there will be lounge, recreation and fitness areas.
477 Madison is across from St Patrick’s Cathedral, the Palace Hotel and adjoining landmarked Villard House, and a block from Rockefeller Center. Multiple terrace setbacks and landmarked neighboring buildings ensure that every floor offers exceptional protected views and abundant natural light.