electronic trading

Law Firm, Investment Company Ink 48K SF at 437 Madison Avenue

437 MADISON AVENUE.

437 MADISON AVENUE.

Two companies located at William Kaufman Organization’s 437 Madison Avenue have signed deals totaling 47,821 square feet to remain in the building, the landlord announced in a release today.

In the larger transaction, law firm Montgomery McCracken Walker & Rhoads inked a 28,297-square-foot direct lease, after it was a subtenant in the building for Nixon Peabody starting in 2011.

Montgomery McCracken will continue to occupy a portion of the 23rd floor and the entire 24th floor of the 850,000-square-foot office tower between East 49th and East 50th Streets. The asking rent in the 10-year deal was $90 per square foot.

“The decision to remain at 437 Madison made sense to us for our attorneys and clients during a critical time for growth and we’re excited to expand our presence in the building,” Lee Unterman, a managing partner of Montgomery McCracken’s New York office, said in prepared remarks.  

Michael Lenchner of Sage Realty Corporation, the leasing and management arm of William Kaufman Organization, negotiated the deal.

In the second transaction, investment management company Prelude Capital has signed a six-year early renewal and is expanding its offices in the building. It will occupy a total of 19,524 square feet on a portion of the 33rd and 34th floors. Previously, Prelude occupied just 7,000 square feet on the 33rd floor. The asking rent was $105 per square foot. Lenchner negotiated the deal. 

“The expansion of our 437 Madison Avenue offices represents a commitment to the highest quality infrastructure in an ideal location with an established long-term partner,” Cisco del Valle, a co-founder of Prelude Capital, said in the release.

William Kaufman Organization recently completed a top down, $60 million renovation of the 40-story building, which includes a new 8,870-square-foot lounge on the 15th floor, a redesigned lobby and arcade, new plaza, renovated elevators and upgraded the mechanical systems.

“These transactions are a clear indicator of the ongoing resurgence of the Midtown East market and the success of our multi-million dollar capital improvement program at 437 Madison Avenue, an iconic property that has been reimagined for the 21st century,” Lenchner said in a statement.

https://commercialobserver.com/2016/12/law-firm-investment-company-ink-48k-sf-at-437-madison-avenue/

TradingScreen takes 20K sf at 1 Penn Plaza

Financial tech provider signed 10-year lease for office at Vornado building

One Penn Plaza

One Penn Plaza

Financial technology provider TradingScreen signed a 10-year lease for nearly 20,000 square feet at Vornado Realty Trust’s One Penn Plaza.

The deal will see the company taking 19,944 square feet on the 49th floor of the 2.6 million-square-foot building, Commercial Observer reported. Asking rents in the deal were not made available. However, in October, Fuse Media took 27,000 square feet at the building, and asking rents in that 10-year deal were between $67 and $72 per square foot.

TradingScreen currently rents space at SL Green Realty’s  215 Park Avenue South, according to the publication.

David Dusek and Paul Ferraro of JLL represented TradingScreen. Vornado was represented in-house by Craig Panzirer and Jared Silverman.

One Penn Plaza was left with a 150,00-square foot vacancy when the U.S. Customs and Border Protection agency left the building for One World Trade Center, and Vornado has been slowing working to fill the space.

The company is planning a massive overhaul of its Penn Plaza portfolio, and intends to combine One and Two Penn Plaza office buildings into a 4 million-square-foot complex.

“The goal here is to achieve market rents as much as 50 percent higher as market rents,” Vornado CEO Steven Roth said of the plan on a company earnings call in February. [CO] — Miriam Hall

Related Woos Digital Trading Provider to 55 Hudson Yards From Fisher Brothers’ 299 Park

MarketAxess, which provides an electronic trading platform for investors, is the latest firm to decide to move to Related Companies’ planned 55 Hudson Yards office building.

The tenant has signed an 83,000-square-foot lease at the 1.3-million-square-foot office tower, which will be a part of the overall 17-million-square-foot Hudson Yards complex. Related is partnering with Mitsui Fudosan America and Oxford Properties Group to build the tower.

The terms of the deal were not disclosed. MarketAxess will occupy three full floors in the future building at 11th Avenue between West 33rd and West 34th Streets, according to The New York Post, which first reported news of the deal. It was not immediately clear on which floors the company will be based.

“Hudson Yards represents a perfect fit for our corporate mission to deliver innovative technology solutions to our clients,” Richard McVey, the chief executive officer of MarketAxess, said in a statement. “It is transformative, exciting, efficient and environmentally friendly.”

MarketAxess will relocate its global headquarters from Fisher Brothers’ 299 Park Avenue between East 48th and East 49th Streets, where it has the entire 27,900-square-foot 10th floor, according to CoStar Group. The firm will move 250 employees into 55 Hudson Yards after it is completed in 2018, a Related spokeswoman told Commercial Observer without providing further details.

 By Liam La Guerre, Commercial Observer, Aug. 23, 2016, 2 p.m.