Manny Gerard, chairman of GKM, cited proximity to Grand Central Station and a high-quality telecommunications infrastructure as primary reasons for the firm's choice of 360 Madison. "We have been constantly monitoring the market for the right opportunity," says John Maher, senior VP of CB Richard Ellis, "and 360 Madison fit all GKM's requirements for economics, quality, size, timing and location." Cushman & Wakefield is the exclusive leasing agent for the building. CB Richard Ellis negotiated for the tenant.
Transactions such as this one are keeping the Midtown market steady, while Downtown and Midtown South are both experiencing negative net absorptions. Paul Glickman, an executive director with Cushman & Wakefield, says, "360 Madison continues to lease space as quickly as it is being constructed." If 360 Madison is any example, the Midtown market will remain secure.
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