Financial firm leases at 330 Madison

December 27, 2011 01:14PM

Clockwise from top left: Cassidy Turley New York Tri-State President Peter Hennessy, 330 Madison Avenue and Frank Doyle, vice chairman of Jones Lang LaSalle
Financial firm Guggenheim Partners has agreed to lease 186,000 square feet at 330 Madison Avenue for a rent in the $70s per square foot, the New York Observer reported. Guggenheim will move into the space when the lease for its approximately 140,000 square feet at 135 East 57th Street expires in 2013.

Vornado Realty Trust is the landlord at the 850,000-square-foot Madison Avenue tower, between 42nd and 43rd streets, and is spending more than $100 million to upgrade the building and secure a LEED Silver certification.

Initially founded in the early 20th century to manage the Guggenheim family’s wealth, Guggenheim Partners had been looking for a new space for months and was on the verge of signing at 1251 Sixth Avenue, near 50th Street, before French bank Natixis took back space that was expected to be vacant.

Cassidy Turley New York Tri-State President Peter Hennessy represented the tenant in the lease, while a Jones Lang LaSalle team led by Frank Doyle, a vice chairman, was marketing the space with an in-house Vornado team. [NYO]