520 Madison Ave./ Photo credit: Tishman Speyer
NEW YORK CITY—Madison Realty Capital has leased 20,000 square feet on the 35th floor of Tishman Speyer's 43-story skyscraper in Midtown's Plaza District. The building at 520 Madison Ave. is located between E. 53rd and E. 54th streets. Although additional details of the lease were not disclosed, the commercial real estate analytics firm CoStar tells GlobeSt.com that the estimate asking rent in the building is $110 per square foot.
The private equity firm that focuses on real estate debt and equity investment strategies moved from the Durst Organization's Midtown office building at 825 Third Ave., located between E. 50th and E. 51st streets. MRC had been a tenant in that building for the last 12 years.
The company has continued to grow since its launch in 2004. MRC states the move will allow additional expansion of its debt and equity investment operations, accommodating an increase in staffing. The firm now employs over 70 staff members including those based in the Los Angeles office which opened last year.
“Our new Manhattan headquarters office marks the latest phase of Madison Realty Capital's long-term expansion strategy as well as another major milestone for our company,” says Josh Zegen, the company's co-founder and managing principal.
The move of the firm's Manhattan headquarters follows its final closing of Madison Realty Capital Debt Fund IV LP in April. The fourth and largest debt vehicle, the fund raised a total of $1.136 billion in capital commitments.
Other tenants include the Carlyle Group, Jefferies & Co. and Davidson Kempner Capital. Earlier this year, Axonic Capital also signed a lease in the building planning a June move-in date.
Cushman Wakefield's Adam Doneger, Anthony LoPresti and Ethan Silverstein represented MRC. Tishman Speyer was represented in-house.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
