Corcoran shrinks space at Madison Ave. HQ

New York /
Mar.March 02, 2009 03:45 PM
 Corcoran CEO Pamela Liebman said the company is downsizing at 660 Madison Avenue

The Corcoran Group is downsizing its corporate headquarters at 660 Madison Avenue.

The company currently occupies the entire 11th floor of the building and parts of the 12th and 18th floors. But the company is now planning to sublease part of the space it occupies on the 12th floor, according to Pamela Liebman, president and CEO of Corcoran.

“In 2007, we took a larger additional space on 12 to house our executive office,” Liebman said. “As a result, we made the decision this year to release the smaller original space that we have had on the floor since 2001.”

She said all affected employees and brokers “were comfortably placed [at] other desks.”

CB Richard Ellis agents James Ackerson and Craig Reicher have the listing for the 4,476-square-foot 12th floor space, which has a terrace overlooking Madison Avenue and is immediately available, according to the CBRE Web site. The rent for the space, which is furnished, newly carpeted and has had a recent paint job, is listed as negotiable. CBRE declined to comment for the story.

Meanwhile, another 10,270 square feet is available for lease on the 12th floor, according to CoStar. Philip Brohn of Fisher Renaissance LLC, is the listing agent for the space. Brohn would not comment for the story, but Corcoran spokespeople said the space does not belong to their firm.

With nearly 52,000 square feet of space at 660 Madison Avenue, located between 60th and 61st streets, the Corcoran Group is the second largest tenant in the building after the department store Barney’s New York.

Corcoran, seeking to cut costs in the face of the housing slump and financial troubles plaguing its parent company, the Realogy Corporation, recently closed its Harlem office.


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