CPC relocates from 5-9 W. 37th St. in a move designed to consolidate operations onto a single floor and provide contiguous expansion room. Ziff Davis holds the master lease on the 63 Madison Ave. space, and Bank of New York the sublease. Cresa Partners' Patrick Gardner arranged the so-called sub-sublease for CPC, while Peter Turchin of Insignia/ESG spoke for BNY.
While expansion moves are counter-cyclical, the terms of the deal reveal the softness of the market, with its "generous work letter, months of free rent and competitive rates for the remaining term," Gardner reveals. Sublet rates at the building are starting at under $30 per foot, he says.
The 43-year-old building, which counts New York Life among its prime tenants, is owned by 63 Madison Associates and managed by George Comfort & Sons.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
