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]


Related Articles

arrow_forward_ios
CBRE CEO Bob Sulentic; the firm has shifted its global HQ from LA to Dallas. (CBRE, Getty)

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market
JLL CEO Christian Ulbrich and CBRE CEO Bob Sulentic (Getty; CBRE; Pixabay)

JLL, CBRE keep cutting as recovery drags

JLL, CBRE keep cutting as recovery drags
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
CBRE CEO Robert Sulentic and the Dallas HQ building at 2100 McKinney Avenue in Texas (CBRE; Google Maps)

CBRE moving HQ from LA to Dallas

CBRE moving HQ from LA to Dallas
Boston Properties CEO Owen Thomas (Photo by Axel Dupeux)

Boston Properties’ Q3 income drops 17%

Boston Properties’ Q3 income drops 17%
(Getty)

Manhattan retail asking rents fall to nine-year low

Manhattan retail asking rents fall to nine-year low
MetLife Building and Matt Van Buren, CBRE’s tri-state president (Getty, CBRE)

CBRE closes 2 offices, expands presence at MetLife HQ

CBRE closes 2 offices, expands presence at MetLife HQ
From left: Donald Trump (pictured in the 1980s), Steve Ross, Charles Kushner, Harry Macklowe with (inset) Hiten Samtani and Charles Bagli (Getty, Sasha Maslov)

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...