Relation Insurance Services and Sohum Therapy sign new long-term leases at 171 Madison Ave.

Manhattan, NY GFP Real Estate, LLC has signed two new long-term leases totaling 5,643 s/f at 171 Madison Ave.

In the first transaction, North American insurance brokerage Relation Insurance Services—a company that offers business insurance, employee benefits, personal insurance, retirement services and risk-management through its family of brands across the United States—signed a new five-year lease for 4,883 s/f of space on the fourth floor of 171 Madison Avenue. The space is occupied by Albert G. Ruben, an insurance brokerage providing specialized services for the entertainment industry, which was acquired by Relation Insurance Services last month.

Allen Gurevich of GFP Real Estate represented the landlord, GFP Real Estate, and the tenant in this transaction.

In the second transaction, psychotherapy practice Sohum Therapy signed a new five-year lease for 760 square feet on the 10th floor.  The company will relocate from its current location at 220 5th Ave.

Gurevich of GFP Real Estate represented the landlord, GFP Real Estate, in the transaction; Tim Intravia of Conrad Real Estate represented the tenant. 

While the terms of the transactions were not disclosed, asking rents at the building are in the $55 to $76 per s/f range for commercial office space and $200 per s/f range for retail space.