The Real Deal New York

Marcus & Millichap to double NYC office space with 260 Madison lease

Brokerage taking 37K sf at Sapir’s 22-story Midtown building

April 06, 2015 05:05PM
By Mark Maurer

260 Madison

260 Madison Avenue (inset: Marcus & Millichap’s J.D. Parker and Alex Sapir)

Investment sales brokerage Marcus & Millichap inked a 10-year deal for its new headquarters in New York City, at the Sapir Organization’s 260 Madison Avenue, The Real Deal has learned.

The 37,000-square-foot space is on the fifth floor of the 22-story office property, between East 38th and 39th streets. It is nearly double the size of the California-headquartered firm’s current offices at neighboring 270 Madison Avenue, according to sources familiar with the deal.

Alan Wildes of Cushman & Wakefield represented Sapir, while Jeffrey Nissani represented Marcus & Millichap in-house.

The brokerage plans to relocate sometime this year, as its lease at ABS Partners’ 270 Madison is set to expire soon. About 250 staffers are expected to work out of the new office.

Asking rent for the space was in the low-$60s per square foot, sources said.

Other tenants at the 531,000-square-foot property include the Coca-Cola Company, Regus and law firm McLaughlin & Stern, which is the largest tenant with 110,000 square feet, according to CoStar Group data.

Last month, Marcus & Millichap brokered Jared Kushner’s $131.5 million purchase of a 16-building multifamily portfolio, as The Real Deal reported. The firm placed 10th in TRD‘s 2014 ranking of investment sales brokerages, with $1.1 billion in dollar volume and 185 total deals.