NEW YORK CITY—Marcus & Millichap is on the move. The firm reportedly has signed a 37,000-square-foot lease at 260 Madison Ave., across the street from its current location. The asking rent was in the low-$60s per square, according to the Real Deal.
The new 10-year lease at the Sapir Organization building puts Marcus & Millichap on the fifth floor of the building between East 38th and East 39th Streets. The real estate services firm will have approximately 250 employees in its new offices. Its current lease, just down the street at 270 Madison Ave.—which sits between 39th and 40th streets—is set to expire this year. The firm expanded its office space at the ABS Partners building by 6,100 square feet in July 2013, the Real Deal says.
Cushman & Wakefield's Alan Wildes represented Sapir in the deal while Marcus & Millichap was represented in-house by Jeffrey Nissani. GlobeSt.com was unable to reach the brokers or Sapir by press time.
At its new location, Marcus & Millichap's neighbors will include McLaughlin & Stern, one of the oldest law firms in the city, and research firm Cognolink, which has a seven-year lease at the building and office space that's nearly double its office size from its previous location at 411 Fifth Ave.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
