Although the Regus Group could not provide GlobeSt.com with thevalue per sf or the aggregate value of the lease, sources tellsGlobeSt.com that the average price per sf in the building rangesfrom $55 to $65. The 260 Madison Ave. business center will occupythe eighth floor of the 22-story building and will feature 102offices, 186 workstations, one board room, and one videoconferencing studio. The building includes more than 550,000 sf ofoffice space and is currently undergoing a multimillion-dollarrenovation. CB Richard Ellis is the rental agent for the building.Other major tenants in the building include MetLife, Reader'sDigest, Hanes Brands, American Kennel Club and McLaughlin &Stern LLP.
"Adding this location to our already extensive network ofhigh-profile business centers in the Midtown market allows us tocontinue to extend our footprint even further south to meet thegrowing demands from our client base in this sector of the city,"says Michael Berretta, VP of business development for Regus. "Theinvestment that the Sapir Organization is making into this buildingonly added to its attractiveness. In addition to its primelocation, our newest business center offers our clients the benefitof being only steps away from both Grand Central Terminal and PennStation."
According to Alex Sapir, president of the Sapir Organization,"This lease confirms a solid commitment to 260 Madison and thestrength of this building within the Midtown market," he says. "Italso reinforces our ability to attract prime tenants through theSapir Organization's commitment to providing extraordinary buildingamenities."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
