News: Brokerage

Studley brokers 98,454 s/f relocation for Sumitomo Corporpation at 300 Madison Avenue

In a major boost for Midtown East, a global trading company is moving its North American headquarters to the Grand Central submarket. Sumitomo Corporation of America (SCOA) has signed an 11-year, 98,454 s/f lease for the entire 3rd and 4th floors at 300 Madison Avenue, in a transaction brokered by commercial real estate services firm Studley. The investment firm, which currently occupies 74,000 s/f at 600 Third Avenue in Murray Hill, planed to move into its new space in November 2013. Studley's executive managing director Marc Shapses, along with executive vice president Michael Goldman, corporate managing director Kunihiko "Key" Otomo and executive managing director Joe Messina, represented Sumitomo in the leasing transaction, while Sarah Pontius of Brookfield Office Properties represented the sub-landlord, CIBC Delaware Holdings Inc./Brookfield Office Properties, on the deal. According to Shapses, Sumitomo wanted to streamline its office operations by becoming more efficient with their space. "SCOA currently occupies seven floors at 600 Third Avenue and they wanted to be on two contiguous floors," he said. "In addition, they wanted to be near Grand Central in a newly-constructed building with great value." Michael Goldman notes that the 35-story, 1.1 million s/f property, which is located one block west of Grand Central Terminal, is home to other respected multi-national tenants including PricewaterhouseCoopers and the Canadian Imperial Bank of Commerce. "This is an ideal location for high-profile companies looking for great space, excellent amenities and unmatched access to transit," he said. SCOA, with consolidated assets of $7.2 billion, is a wholly-owned subsidiary of Sumitomo Corporation, an integrated trading and investment enterprise.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The art of investing in real estate - by Thomas Donovan

The art of investing in real estate - by Thomas Donovan

Real estate investing is as much an art as it is a skill. No one can time the market, or the factors that drive it, perfectly. Location, zoning, size, transportation, and neighborhood density give you a baseline for
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

Hunt CRE question and answer: Choosing a real estate agent - by David Hunt

First, we will only work with one agent exclusively. The primary reason is that we want that agent to legally represent our client’s interests. In New York State, a real estate agent has a fiduciary
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of