Triple-digit lease inked at 444 Madison shows divide between small and large tenants

TRD New York /
Apr.April 02, 2013 03:30 PM

Private investment firm Ellis Lake Capital has inked a lease at the Westbrook Partners-owned 444 Madison Avenue, paying more than $100 per square foot, Crain’s reported. The dollar value of the seven-year agreement is further evidence of the way companies that need less space are outpacing larger tenants, Crain’s said.

“You’re still seeing a lot of tenants that have smaller space requirements who are very active,” CBRE’s Paul Amrich, who represented the landlord, told Crain’s. Meanwhile, larger financial tenants have been slow in Midtown leasing.

Ellis Lake’s lease spans the building’s 40th floor, which has 5,400 square feet. This deal comes right after the expansion of TD Bank inside the building. Their deal is for 11,000 square feet for rents in the $70s per square foot.

The 42-story building is located between 49th and 50th streets.

Kerry Powers of CBRE represented the tenant in the deal. [Crain’s]Zachary Kussin


Related Articles

arrow_forward_ios
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
Matthew James (Credit: ABC)

First black “Bachelor” for ABC comes from real estate world

First black “Bachelor” for ABC comes from real estate world
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

“For years we all laughed at them”: office brokers warm to virtual tours

“For years we all laughed at them”: office brokers warm to virtual tours
Director of Research & Analytics for CBRE Tri-State Nicole LaRusso, Vice Chairman & Director at Savills David Goldstein, and President of Newmark Knight Frank's Tri-State region David Falk

How to open up our offices on tonight’s TRD Talk

How to open up our offices on tonight’s TRD Talk
CBRE CEO Robert Sulentic (Credit: Getty Images, iStock)

CBRE plans cuts to NYC tech team

CBRE plans cuts to NYC tech team
The Black Rock bulding at 51 West 52nd Street and Viacom CEO Bob Bakish (Credit: Google Maps, Getty Images)

The price is right? CBS asking more than $1B for Sixth Ave HQ

The price is right? CBS asking more than $1B for Sixth Ave HQ
arrow_forward_ios

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

Loading...