RFR inks two leases totaling over
26,000 s/f at 477 Madison Ave.

Manhattan, NY RFR signed an 18,038 s/f, full-floor lease with NewEdge Wealth and an 8,019 s/f, full-floor lease with Bank of Hope at 477 Madison Ave., a 24-story office tower in Midtown.

NewEdge Wealth, a Stamford, CT-based private-equity backed wealth management firm, is part of NewEdge Capital Group.

Headquartered in Los Angeles, Bank of Hope is an FDIC-insured, super regional bank founded by Korean-American immigrants. This new office – its first New York City outpost – is meant to support the firm’s growth in New York and along the east coast.

The NewEdge Wealth and Bank of Hope leases mark 80,009 s/f of recent activity at 477 Madison including an 18,412 s/f lease with Treville Capital and a 14,838 s/f deal with Fiera Capital earlier this year as well as a recent 20,702 s/f renewal/expansion with law firm Rivkin Radler.

A CBRE team of Arkady Smolyansky and Alex D’Amario represented RFR in the transactions. NewEdge Wealth was represented by David Stockel and Taylor Walker of CBRE. Bank of Hope was represented by Alex D’Amario and Alessia Lawson of CBRE. Asking rents in the building range from $88-$115 per s/f.

“The highest caliber tenants continue to seek high-end workplace experiences and many are drawn to the elevated design sensibility and prime location at 477 Madison,” said AJ Camhi, executive vice president and director of leasing of RFR. “The pre-built program we’ve created with Fogarty Finger hits all the right notes with curated finishes and a timeless modern aesthetic while the well-appointed amenity spaces provide opportunity to work outside the traditional office setting or wind down with colleagues. It’s really a perfect package of form and function.” Camhi also notes that the 10^th floor pre-built – consisting of 13 offices, multiple conference rooms, phone rooms, eat in panty, coffee bar, and open area for 50+ workstations  – is currently available for lease.

RFR, together with Fogarty Finger Architects, created an 18,000 s/f pre-built space at 477 Madison which showcases the potential, and serves as a model, for build-outs on other floors. The turn-key space features custom white oak millwork, marble pantry finishes and contemporary lighting fixtures. Using this as a model, Fogarty Finger will bring their design expertise to subsequent buildouts, including the space for NewEdge Wealth as well as the Fiera Capital and Treville Capital Group spaces.

The building was recently repositioned with upgrades including a newly tinted brick façade; redesigned amenity offerings and outdoor spaces; a new lobby entry along 51st Street; new 15’ x 7’ windows that provide abundant natural light throughout the building; and new retail storefronts and awnings along the street frontage. The Clubhouse amenity space, features a fitness center with Pelotons and studio space, locker rooms and showers; multiple conference rooms including a 30-person boardroom; and, a cafe, lounge and billiard room.

Image courtesy of RFR