The Real Deal New York

Triple-digit lease inked at 444 Madison shows divide between small and large tenants

April 02, 2013 03:30PM

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CBRE’s Paul Amrich and 444 Madison Avenue

Private investment firm Ellis Lake Capital has inked a lease at the Westbrook Partners-owned 444 Madison Avenue, paying more than $100 per square foot, Crain’s reported. The dollar value of the seven-year agreement is further evidence of the way companies that need less space are outpacing larger tenants, Crain’s said.

“You’re still seeing a lot of tenants that have smaller space requirements who are very active,” CBRE’s Paul Amrich, who represented the landlord, told Crain’s. Meanwhile, larger financial tenants have been slow in Midtown leasing.

Ellis Lake’s lease spans the building’s 40th floor, which has 5,400 square feet. This deal comes right after the expansion of TD Bank inside the building. Their deal is for 11,000 square feet for rents in the $70s per square foot.

The 42-story building is located between 49th and 50th streets.

Kerry Powers of CBRE represented the tenant in the deal. [Crain's]Zachary Kussin

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