437 Madison Ave./ Photo by Jon Ortner
NEW YORK CITY—ACT Commodities has expanded to occupy the full 17th floor at 437 Madison Ave., the William Kaufman Organization's 40-story office tower in the Plaza District. The commodities trader and private equity firm is adding 4,805 square feet to its office space occupying a total of 17,750 square feet in a 10-year deal. The asking rent was in the high $80s per square foot.
ACT's expansion follows the William Kaufman Organization's recent $60 million capital improvement program at the 850,000-square-foot trophy building. The renovations included a redesigned lobby and arcade, new plaza, renovated elevators, upgraded building systems and an outdoor lounge that provides a view of St. Patrick's Cathedral.
“Over the years, we have worked tirelessly to reposition and transform our building in order to meet the needs of today's modern tenants,” says Michael Lenchner, VP and director of leasing at Sage Realty Corporation, the leasing and management division of the William Kaufman Organization. “We view this expansion for ACT as a vote of confidence in our efforts.”
ACT specializes in helping businesses buy and sell environmental commodities. Their move into the expanded space is immediate. Craig Lemle of Savills represented ACT. Lenchner, along with a Jones Lang LaSalle leasing team of Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster represented building ownership.
WKO, in partnership with the Travelers Companies, Inc., owns the building which takes up the entire blockfront between E. 49th and E. 50th streets. Other tenants include Citizens Bank, Mitchell Silberberg & Knupp, Montgomery McCracken Walker & Rhoads, Munich American Reassurance Company, Lighthouse Partners, Prelude Capital, Medallion Financial Corp., Kekst and Company and Carnegie Corporation of New York. Retail tenants include Wells Fargo and Eden Fine Art.
Only two high-end, pre-built office spaces in the building remain available to lease, according to Lenchner. They include a 5,144-square-foot space on the 33rd floor, and a 10,191-square-foot space on the 39th floor.
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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.
