The Real Deal New York

Milstein inks 93K sf in leases at 335 Madison

Facebook opening office in Midtown tower
By Konrad Putzier | December 18, 2018 08:00AM

335 Madison Avenue, Mark Zuckerberg, and Michael Milstein (Credit: Google Maps and Getty Images)

Milstein Properties and its office-services venture Company signed about 93,000 square feet of leases at 335 Madison.

Facebook is taking 40,000 square feet in the office tower, recently renamed “The Company Building,” which is currently undergoing a $100 million renovation. Forbes first reported that move.

Cyber security firm BlueVoyant is taking 11,920 square feet and online retail search engine Narrativ leased 11,870 square feet, Milstein said. Timescale, Mint House, Parity Partners, 8VC, Nomad Health, Project Hilltop, Anvyl, 645 Ventures and Republic also signed leases in the 1.1 million-square-foot building. No brokers were involved in the deals. Sources said asking rents in the building on the lower floors set aside for startups range from $65 to $75 per square foot.

As part of the renovation, Milstein is creating 150,000 square feet of common amenities for tenants, including a gym with a pool, a library, a bar and a terrace overlooking neighboring Grand Central Terminal. Another 250,000 square feet will be set aside as office space for small startups, some of whom will be paying subsidized rent. The rest of the building is open to bigger tenants who may appreciate being close to entrepreneurs. Company, which is run by Michael Milstein and Matt Harrigan, is managing the property.

In late October, The Real Deal reported that Facebook was in talks to take the entire 870,000 square feet at 63 Madison, owned by George Comfort & Sons, Loeb Partners Realty and Jamestown.