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Brokerage
Posted: July 12, 2022
Shawmut signs lease for entire 10th floor at Feil Org.'s 488 Madison Ave.
New York, NY According to The Feil Organization, Shawmut Design and Construction has just signed a 15-year lease for the entire 10th floor at 488 Madison Ave.
Shawmut will be relocating from its current location at 3 East 54th St. to its new Madison Ave. space in March 2023. A 100% employee-owned company, Shawmut also has offices in Boston, Los Angeles, Miami, Providence, West Palm Beach, and Las Vegas.
“After a competitive search for space in mid-Manhattan, Shawmut chose 488 Madison Avenue because of its central Midtown location, large floorplates, expansion opportunities, and competitive pricing,” said David Turino, director of Commercial Leasing at The Feil Organization.
Designed in 1949 by Emery Roth & Sons, the 23-story 488 Madison Ave. tower was once known as the “The Look Building” for the defunct magazine that was its primary tenant until 1971. Located in Midtown at the 51st/52nd St. blockfront adjacent to St. Patrick’s Cathedral, the 447,000 s/f building has been recently renovated with a new lobby, retail façade, elevators, and operable windows.
“We are pleased to welcome Shawmut Group Inc. to our prestigious tenant roster and look forward to their arrival in early 2023,” said Brian Feil, executive vice president of Leasing for The Feil Organization. “We continue to see increased activity in our portfolio which is a testament to our hands-on approach to working with tenants to provide attentive service and a high-quality product at a competitive rent.”
CBRE’s vice chairman David Hollander and senior vice president Jared Freede represented the tenant. Turino represented Feil in-house. Gerald Uram, Esq. of David & Gilbert provided legal counsel to Shawmut; Brian Palumbo provided counsel to Feil in-house.
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