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Law, Financial Firms Continue Leasing 437 Madison

Cambridge Associates Relocating in the Spring, Mitchell Silberberg & Knupp LLP Relocating This Summer
February 7, 2018
The Plaza District’s 437 Madison Ave. in New York City keeps filling up. Los Angeles-based digital media and entertainment law firm Mitchell Silberberg & Knupp LLP (MSK) and investment advisor Cambridge Associates have each signed leases to relocate to the office tower later this year, landlord William Kaufman Organization announced this week.

MSK will move August 2018 after signing a 15-year lease for 18,650 square feet across the entire 25th floor. It remains for now within its 15,000-square-foot headquarters at 12 East 49th St.

Meanwhile, Cambridge Associates has signed a five-year agreement for 5,036 square feet on the 22nd floor of the tower. When it relocates during spring 2018, it will move just a few blocks north of its current base at 340 Madison Ave.

The total 23,680 square feet claimed by these two leases follows an agreement by Citizens Bank for nearly 18,000 square feet in the building. The Citizens Bank lease had capped 12 months of leasing activity that filled over 142,000 square feet. 437 Madison is now about 93-percent leased, with just over 80,000 square feet remaining for lease with Sage Realty Corporation and JLL.

"We’re definitely one of the most popular buildings on Madison Avenue right now," said Michael Lenchner, vice president with Sage Realty Corporation, which is currently seeking long-term tenants to fill the 29th, 39th and 40th floors. "These new leases for MSK and Cambridge Associates highlight the special positon that our property is in and reflects the ongoing resurgence of Midtown East."

Built in 1968 between 49th and 50th Streets, the 40-story, 858,550-square-foot office tower at 437 Madison was last renovated in 2015. The 4-Star building nests numerous legal and financial services firms, including Nixon Peabody LLP, Wiggin and Dana LLP, Carnegie Corporation and Montgomery McCracken Walker & Rhoads LLP. Asking rents there range between $82 and $110 per square foot.

Frank Doyle, David Kleiner and Cynthia Wasserberger of JLL worked alongside Lenchner in representing building ownership on the two deals. CBRE's Jared Freede represented MSK, while Ken Rapp, also with CBRE, represented Cambridge Associates in lease negotiations.

Diana Bell, New York City Market Reporter  CoStar Group   
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