The Real Deal New York

Aspen Insurance increases footprint in 590 Madison

Insurer will now have a total of 72K sf over three floors

May 01, 2015 08:30AM

590 Madison Avenue in Midtown

590 Madison Avenue in Midtown

Aspen Insurance is upping its space in 590 Madison Avenue to make way for its growing business, increasing its footprint to 72,000 square feet.

The insurer had occupied the sixth and seventh floors, totaling 48,000 square feet, and will now occupy the eighth floor as well. It was previously on a sublease and will now have its own 15-year lease beginning in March 2016.

The building, on the corner of East 57th Street, is owned by the State Teachers Retirement System of Ohio, but leasing is handled by Edward J. Minskoff Equities, according to the New York Observer. Last fall, the pension fund put a 49 percent stake in the building on the market. In March, it was reported that the Safra family was eyeing the deal.

CBRE’s Harly Stevens, Michael Geoghegan, Chris Mansfield and Jim Robbins represented Aspen Insurance in the lease transaction, while Jeffrey Sussman of Edward J. Minskoff Equities represented the landlord.

Other building occupants include Bain Capital, UBS and Morgan Stanley. [NYO] — Tess Hofmann