Cannon and Rosen of Lee & Associates NYC handle 22,000 s/f sub-lease

Lee & Associates NYC has closed on a 47-month, 22,000 s/f sublease at 600 Madison Ave. Located in the Plaza District, the sublease was negotiated and executed in one week. The new office makes up 22,665 s/f on the third floor of the 26-floor building and comes two months after Lee & Associates partnered with Sierra Realty to become Lee & Associates NYC. "This deal, which was completed in-house with the assistance of John Cannon and Howard Rosen, not only gives us an upscale, prime office space, but provides us with room to grow," said James Wacht, president of Lee NYC, who anticipates his team to expand in the coming months. "Because the current landlord wanted to sublease the space quickly, we were able to close the deal in record time." The new office will also serve as the home to Sierra Real Estate, an affiliate of Lee NYC. Greg Taubin of Studley represented the sub-landlord. Wacht said, "Because of a long-standing relationship and trust I had with Greg and Studley, we were able to move the deal along very quickly." While searching for its new headquarters, Lee-NYC initially believed that 14,000 s/f would be sufficient. However, given the success of the office's recruitment efforts and the fact that the office will welcome at least 10 new, high-profile retail and office leasing brokers when the office is ready for occupancy in March there was an inherent need for a larger space. Located on the corner of 58th St. and Madison Ave., 600 Madison Ave. is situated in the epicenter of the Plaza District, Manhattan's most prestigious business center, and is in the core of New York's premier international shopping on Madison Ave., which further validates Lee-NYC's leading retail division. Shown (from left) are Conley and James Walker, Hudson Valley chapter president.