The CB Richard Ellis team of Brian Gell and Laurence Briody served as the leasing agent on behalf of owner Madison Tower Associates Ltd. Partnership and was able to recapture space on two floors within the fully leased trophy property. Designed by architect Edward Larrabee Barnes and built in 1982, 535 Madison Ave. is a 37-story trophy office tower, situated on the northeast corner of 54th Street and Madison Avenue.
A CBRE source tells GlobeSt.com that the aggregate lease value for both leases is in excess of $35 million. The source further noted that the general asking rent at the building ranges from $125 to $150 per sf.
Gell tells GlobeSt.com that the Monarch Alternative Capital transaction was for space that does not come available until year-end 2008. "We were able to accommodate the tenant by providing temporary space in the building." He adds that Banco do Brasil signed for space taken back from the former British Petroleum, which is relocating to Houston.
Independent investment advisory firm Monarch Alternative Capital will take over the entire 26th floor of the property during the first quarter of 2009. Neil Goldmacher and Arthur Draznin of Newmark Knight Frank represented Monarch in the lease negotiations.
Banco do Brasil signed a long-term lease for the entire 34th floor. Jonathan Schindler and Aron Scheier of Colliers ABR acted on behalf of Banco do Brasil.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
