The Real Deal New York

Financial firms lease up Vornado’s unglamorous 330 Madison

January 13, 2014 06:20PM

UPDATED: 6:04 p.m., Jan. 14, 2013

A handful of big-name financial firms leased space in the relatively lackluster office tower 330 Madison Avenue, despite rising rents.

New tenants include Abbott Downing, a subsidiary of Wells Fargo; Tiger Legatus Management, a spinoff of the hedge fund giant Tiger Management; Kokino, a wealth management firm; and Chimney Rock, a boutique investment firm. Although landlord Vornado Realty Trust, the city’s largest commercial owner, is asking more than $80 per square foot in some spaces, each company picked up 5,000 square feet of space on varying floors. London-based bank HSBC leased 75,000 square feet at the end of 2013.

Even more deals are in the works, Frank Doyle, a Jones Lang LaSalle broker who represents Vornado, told Crain’s.

“The building has gotten to the point where it really has begun to attract these top-tier financial firms and other boutique users that in the past never really considered this neighborhood or this property for their space,” Doyle told Crain’s. The building sits at the northwest corner of 42nd Street and Madison Avenue.

LaSalle itself leased 82,000 square feet of 330 Madison in 2010 to relocate its headquarters. Vornado attributes its the building’s newfound popularity to recent renovations and good reviews from investment firm Guggenheim Partners, which leased 200,000 square feet there in 2011. [Crain’s] — Angela Hunt

Correction: A previous version of this story misstated the parent company for Tiger Legatus Management. 

  • Broker

    This building won the 2012 BOMA Pinnacle Award for best redevelopment in NY. This is a dated pre-renovation photo, the building has a new facade. Have you seen the property?

  • Bob

    Does someone at TRD have a Vornado vendetta? The bias and editorializing is comically unprofessional. When is the next uninformed “bad quarter” article due?

    No one expects much from you, after all TRD is merely reposting and distorting a legitmate news publication’s article (per usual), but show a bit of restraint. There is nothing notably “unglamorous” about this building relative to hundreds of others in Midtown, and as the other commenter noted, the tag is particularly stupid in light of a transformative facade and lobby renovation completed last year, which your article mentions only in passing in the final paragraph.