Park Tower Group Fully Leases 535 Madison
The firm has secured three lease expansions, totaling 39,315 square feet, at its Midtown office tower, which brings the property to 100% occupancy.
NEW YORK, NY – Real Estate developer and manager Park Tower Group has secured three lease extensions, totaling 39,315 square feet, at its class A office tower located at 535 Madison Ave. in New York, NY.
The agreements bring the 480,000 square-foot property to 100% occupancy. A 14,375-square-foot space on the building’s 12th floor will become available for lease in mid-2022.
The firm has secured agreements for additional space with Bain Capital NY LLC, FTV Management Co. and Garda Capital Partners.
Bain Capital NY LLC has signed a 14,765-square-foot, 11-year lease for the property’s 30th floor. The agreement doubles Bain’s space in the tower, where the investment firm also leases the entire 29th floor.
FTV Management Co. has expanded its lease to total 12,275 square feet on the tower’s entire 33rd floor, as part of a 13-year lease. The investment firm also extended its 12,275-square-foot space on the tower’s 32nd floor by eight years.
Garda Capital Partners LP has signed a 12,275-square-foot, 10-year lease the tower’s entire 34th floor. With the agreement, the asset management firm is relocating and expanding from its previous 3,824-square-foot space on the 21st floor.
Situated on the corner of Madison Ave. and 54 St., the 37-story tower’s daily population percentages are more than twice the New York City office building average of 33%. The tower’s daily headcounts have topped 94%. The building first surpassed 50% in June 2021, before surpassing 85% for the first time on March 1, 2022.
“With its inviting blend of collaborative spaces, modern technology, top-tier amenities, public art and proximity to Grand Central, 535 Madison is a destination where people want to come to work,” says Marian Klein, president at Park Tower Group. “We have a tenant roster that understands the importance and benefits of bringing people together in a warm, welcoming environment. As a result, the current energy and activity level at 535 Madison has largely returned to its historic level.”
CBRE’s vice chairman Brian Gell and EVP Laurence Briody represented Park Tower Group in all three transactions.
For the transactions, Bain Capital NY LLC was represented by Cushman & Wakefield’s Bryan Boisi and Connor Barnes; FTV Management Company L.P. was represented by Colliers’ Howard Grufferman and Reid Longley; and Garda Capital Partners LP was represented by Newmark’s Brent Ozarowski and Kevin Sullivan.
Originally designed by architect Edward Larrabee Barnes, the tower’s grand entrance lobby and elevators have since been redesigned by Deborah Berke of Deborah Berke Partners.
In 2017, Park Tower Group implemented a 6,000-square-foot amenity and fitness center at the tower for tenants, which features equipment, including Life Fitness machines and Peloton bikes, zoom rooms and nap rooms/mothers’ rooms. The fitness center is run by LivUnLtd.
535 Madison’s lobby and outdoor plaza also boasts an exhibition space for major artwork through a partnership between Park Tower Group and Christie’s auction house. The plaza is additionally tenanted by the haute Greek cuisine restaurant, Nerai.