SunGard Inks 120,000-SF Midtown Lease

NEW YORK CITY-Locally based Broadway Partners has inked an 11-year, 120,000-sf lease at its 22-story 340 Madison Ave. The lease transaction will bring Fortune 500 technology company SunGard to the property, which is now nearly 80% occupied.

The lease is the latest positive development for Broadway Partners since the firm purchased 340 Madison Ave. in November 2006 on behalf of its Broadway Partners Value-Added Fund II, which targets value-added opportunities in the office sector in primary North American markets. Since the acquisition, the firm has succeeded in steadily increasing both occupancy and rents, according to a company statement.

When purchased, the property was slightly more than 40% occupied, according to the firm. In 2007, a mid-rise floor of “pre-builts” was leased. Most of the high-rise portion of the building was filled through a long-term lease for approximately 100,000 sf signed with National Financial Partners. In addition, several existing tenants have expanded.