Syracuse University inks Madison Avenue lease

While Midtown South rents rise despite an increase in available space, as reported earlier today, tenants are looking for space just north of the neighborhood in hopes of finding better value. The latest example is Syracuse University, which recently inked a 20,000-square-foot office lease at 136 Madison Avenue at East 31st Street, Crain’s reported.

Syracuse will take the entire second floor of the 17-story, 150,000-square-foot property and will use the space for a Manhattan academic facility.

“Landlords in that area no longer feel like they’re the tail end of the Midtown Central Business District,” Andrew Roos, a Colliers International broker, told Crain’s. “Now they’re at the periphery of the cool district in Midtown South.”

Roos and his colleague at Colliers, Michael Cohen, own 136 Madison, Crain’s said. Syracuse was represented by James Kuhn, the president of Newmark Grubb Knight Frank.

Other tenants who are priced out of Midtown South have another option: the NoMad neighborhood, which doesn’t have as hefty rents. [Crain’s] —Zachary Kussin