The Real Deal New York

Business consulting firm expands to 150K sf at 600 Madison Ave

Alvarez & Marsal adds 22K sf to footprint at Ruben Companies’ building
By Rich Bockmann | July 19, 2018 11:30AM

600 Madison Ave and Richard Ruben of Ruben Companies (Credit: Loopnet and LinkedIn)

Business consulting firm Alvarez & Marsal, the largest tenant at Ruben Companies600 Madison Avenue, expanded its footprint in the Plaza District building to just shy of 150,000 square feet.

The company, which specializes in turning around troubled companies, expanded by about 22,000 square feet at the 26-story building at the corner of East 58th Street, sources told The Real Deal.

Financial terms of the deal were not immediately available.

The 330,000-square foot building is also home to companies like Ziel Feldman’s HFZ Capital, Lee & Associates and Rialto Capital, a subsidiary of homebuilder Lennar Corporation.

Representatives for Alvarez & Marsal and Ruben Companies could not be immediately reached for comment. David Dusek and Mitchell Konsker at JLL negotiated the expansion on behalf of the tenant. The brokers declined to comment.

Ruben Companies paid $210 million in 2013 to buy the fee position at 600 Madison Avenue, where the investor had held the leasehold on the building since the 1970s.

The owner refinanced the property earlier this year with a $185 million loan from Prudential Insurance, property records show.