ADI Capital take 3,800 sf at Eretz’s 295 Madison Avenue

Asking rent for the space was $75 per square foot
October 21, 2015 09:13AM

ADI Capital is tripling the size of its offices, signing a five year lease for the entire 36th floor of 295 Madison Avenue in Midtown.

The hedge fund, led by Paritosh Gupta, will take 3,800 square feet at the building, owned by Abraham Talassazan’s Eretz Group. The space had an asking rent of $75 dollars per square foot.

Keith Caggiano, Roshan Shah and Arkady Smolyansky of CBRE represented ADI in the deal, while Eretz’s Nick Mok represented the owner.

Eretz bought the 300,000-square-foot building, at 41st Street, from Westbrook Partners in 2013, paying $213 million. The sale was part of a portfolio of six residential and commercial properties Westbrook put on the market that April.

Environmental Resource Management, a consultancy, occupies 5,000 square feet at the building. The headhunting firm Society Staffing is also based at the building.

Talassazan’s company purchased the Argonaut Building at 224 West 57th Street from M1 Real Estate for $213 million in May. [NYP]Ariel Stulberg