Park Tower Group secures lease extensions at 535 Madison totaling 39,315 s/f

New York, NY Park Tower Group, real-estate developer and manager, has secured a series of lease extensions totaling 39,315 s/f at 535 Madison, which brings the 37-story office tower to 100 percent occupancy. Park Tower Group also reports that daily headcounts at the Plaza District building have topped 94% percent.

Park Tower Group’s agreements with Bain Capital NY LLC, FTV Management Company and Garda Capital Partners brings the 480,000 s/f office tower to 100 percent leased, with just a single, 14,375 s/f space across the 12th floor expected to become available in mid-2022.

“With its inviting blend of collaborative spaces, modern technology, top-tier amenities, public art, and proximity to Grand Central, 535 Madison is a destination where people want to come to work,” said Marian Klein, president at Park Tower Group, whose headquarters are in the tower. “We have a tenant roster that understands the importance and benefits of bringing people together in a warm, welcoming environment.  As a result, the current energy and activity level at 535 Madison has largely returned to its historic level.”

Through a partnership between Park Tower Group and Christie's auction house 535 Madison is home to Christie’s Sculpture Garden - an exhibition space that showcases major artwork curated by Christie’s in the outdoor public plaza and indoor lobby. And during the pandemic, part of the plaza has also become home to Nerai, a haute Greek cuisine restaurant with indoor and outdoor seating that has become a popular gathering place for tenants in the building.    

In 2017, Park Tower Group introduced a 6,000 s/f amenity and fitness center for all of 535 Madison’s tenants. The fitness center is run by LivUnLtd and features equipment including Life Fitness machines and Peloton bikes. Other amenities include zoom rooms and nap rooms/mothers’ rooms. While many gyms still remained closed, Park Tower Group reopened the gym in the middle of the pandemic with health and safety protocols.

Located on the northeast corner of Madison Ave. and 54th St., 535 Madison has been modernized by Deborah Berke of Deborah Berke Partners, whose redesign of the grand entrance lobby and elevators blends with Edward Larrabee Barnes’ original architecture.

The Class A, boutique office property is situated close to a collection of high-end shopping, restaurants, hotels and entertainment, like The Polo Bar, The St. Regis New York and the Museum of Modern Art. The building is a short stroll to Central Park and six subway lines.

A CBRE team of Brian Gell, vice chairman, and Laurence Briody, executive vice president, represented Park Tower Group in all three transactions. Additional details about each lease expansion follows:

• Bain Capital NY LLC signed a 14,765 s/f, 11-year lease for the entire 30th floor. Bain doubles their space in the building, adding to its 14,765 s/f space on the entire 29th floor. The investment firm was represented by Bryan Boisi and Connor Barnes of Cushman & Wakefield Boston.
• FTV Management Company, L.P. is expanding into 12,275 s/f on the entire 33rd floor as part of a 13-year lease. FTV extended its 12,275 s/f space on the entire 32nd floor by 8 years. The investment firm was represented by Howard Grufferman and Reid Longley of Colliers.
• Garda Capital Partners LP signed a 12,275 s/f, 10-year lease the entire 34th floor, relocating and expanding from their previous space of 3,824 s/f space on part of the 21st floor. The asset management firm was represented by Brent Ozarowski and Kevin Sullivan of Newmark.