Law firm extends lease, adds space at Midtown Sapir building

The Sapir Organization reached an agreement with McLaughlin &
Stern, a Manhattan-based law firm, to extend its lease at 260 Madison
Avenue until 2021 and add two additional floors for a total of 100,000
square feet of space.

Terms
of the lease were not immediately available; however, asking rents at
the property have ranged from $55 to $60 per square foot, according to
LoopNet.

The lease extension adds 36,000 square feet of space to
a firm that already leased the top eight floors of the Midtown office
building. The firm signed a deal in April to lease 4,300 square feet at
CityPlace Tower, at 525 Okechobee Blvd. in West Palm Beach starting in
September, relocating from Trump Plaza Office Center at 525 South
Flagler Drive.

Howard Grufferman, vice chairman at Grubb &
Ellis, advised the law firm on the deal at 260 Madison, between 38th
and 39th streets.