NEW YORK CITY-The Regus Group has signed a lease agreement to open a business center that will occupy more than 35,000 sf at 260 Madison Ave. The landlord for the project is the Sapir Organization and the term of the lease is 190 months, which translates to almost 16 years.

Although the Regus Group could not provide with the value per sf or the aggregate value of the lease, sources tells that the average price per sf in the building ranges from $55 to $65. The 260 Madison Ave. business center will occupy the eighth floor of the 22-story building and will feature 102 offices, 186 workstations, one board room, and one video conferencing studio. The building includes more than 550,000 sf of office space and is currently undergoing a multimillion-dollar renovation. CB Richard Ellis is the rental agent for the building. Other major tenants in the building include MetLife, Reader’s Digest, Hanes Brands, American Kennel Club and McLaughlin & Stern LLP.

“Adding this location to our already extensive network of high-profile business centers in the Midtown market allows us to continue to extend our footprint even further south to meet the growing demands from our client base in this sector of the city,” says Michael Berretta, VP of business development for Regus. “The investment that the Sapir Organization is making into this building only added to its attractiveness. In addition to its prime location, our newest business center offers our clients the benefit of being only steps away from both Grand Central Terminal and Penn Station.”

According to Alex Sapir, president of the Sapir Organization, “This lease confirms a solid commitment to 260 Madison and the strength of this building within the Midtown market,” he says. “It also reinforces our ability to attract prime tenants through the Sapir Organization’s commitment to providing extraordinary building amenities.”

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