Cushman & Wakefield arrange six leases at 540 Madison

New York, NY Cushman & Wakefield has arranged four new long-term leases and two lease renewals totaling nearly 36,000 s/f at 540 Madison Ave., a 285,300 s/f Class A office property.

Cushman & Wakefield’s Ethan Silverstein, Ron Lo Russo, Dan Organ and Peter Kerans represented the landlord, DivcoWest, in these newly minted office lease transactions.

“540 Madison Ave. offers the flexible, luxury work experience that today’s tenants desire. With a newly renovated lobby and a two-floor amenity space with large outdoor seating, conference spaces, a full cooking kitchen and spa-like showers, this asset is fit for a myriad of tenants,” said Silverstein. “The building’s updated amenities have proven to be a major attraction and a unique offering for a boutique building in this submarket.”

• Recognize, a technology services investment platform, signed a 15,100 s/f lease for the entire second floor. The tenant was represented by Newmark’s Brad Needleman.
• Simcoe Capital Management, an investment advisory firm, signed a 3,750 s/f lease to occupy part of the 27th floor. The tenant was represented by Circle Realty’s Jay Futersak.
• Pacific General Holdings, an asset management and investment advisory firm, signed a lease for 2,780 s/f on part on the 18th floor. The tenant was represented by Norman Bobrow and Soon Rhee of First Realty New York.
• Foresite Capital Management, an investment firm, signed a 2,723 s/f lease on part of the 34th floor. The tenant was represented by Allyson Bowen and Christina Bicks of Savills.
• LSV Advisors, an investment advisory firm, renewed its lease for 6,950 s/f on the entire 33rd floor. The tenant was represented by Ben Friedland and Evan Fiddle of CBRE.
• Heraeus Precious Metals, a precious metals service and product provider, renewed its 4,626 s/f lease on part of the 16th floor. The tenant was represented by Cushman & Wakefield’s Michael Burgio and Dan Organ.

Situated at the corner of Madison Ave. and East 55th St. in Midtown, 540 Madison Ave. is in one of the world’s largest central business districts and features panoramic views of the Hudson River and Central Park. The property is within walking distance to dining, café and bar options; multiple subway lines; and Fifth Ave.'s  retail shopping district.

“These transactions highlight the improving market fundamentals we’re seeing in the city and are a testament to both well-located, quality office space and the workforce’s desire to return to work in physical workspaces to rebuild corporate culture and connectivity,” said Lo Russo.