Leases continue to net more than $90 psf at 510 Madison

TRD New York /
Jul.July 06, 2011 04:27 PM

Financial firm Thiam Management inked a deal for nearly 6,000 square feet at 510 Madison Avenue, for a price in the $90s-per-square-foot range, Real Estate Weekly reported. The space represents one of two pre-built office units on the eighth floor of the 30-story, 350,000-square-foot property. The other eighth floor space was recently leased to a financial firm called Africa Global for about the same price. “The leasing on the eighth floor is supportive of the continued interest in the building,” said Paul Amrich, an executive vice president at CB Richard Ellis, who along with Kerry Powers, represents the building’s landlord, Boston Properties.

Real Estate Weekly notes that the renewed interest shows the building has come a long way since funding issues plagued 510 Madison when it was controlled by Macklowe Properties. But Boston Properties purchased the building for $275 million in September 2010, and landed its first major tenant in SAC Capital, which signed on for 66,000 square feet in April. Amrich said other floors will be split into pre-built spaces to attract smaller firms, like Thiam Management, which need immediate move-ins and don’t have the time to design a personalized space. [REW]

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