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NEW YORK CITY-Two new leases totaling 27,000 sf have been signed at 535 Madison Ave. here. Monarch Alternative Capital signed 15,000 sf at the 475,000-sf property and Banco do Brasil leased 12,300 sf. Both lease terms are for 10 years.

The CB Richard Ellis team of Brian Gell and Laurence Briody served as the leasing agent on behalf of owner Madison Tower Associates Ltd. Partnership and was able to recapture space on two floors within the fully leased trophy property. Designed by architect Edward Larrabee Barnes and built in 1982, 535 Madison Ave. is a 37-story trophy office tower, situated on the northeast corner of 54th Street and Madison Avenue.

A CBRE source tells GlobeSt.com that the aggregate lease value for both leases is in excess of $35 million. The source further noted that the general asking rent at the building ranges from $125 to $150 per sf.

Gell tells GlobeSt.com that the Monarch Alternative Capital transaction was for space that does not come available until year-end 2008. “We were able to accommodate the tenant by providing temporary space in the building.” He adds that Banco do Brasil signed for space taken back from the former British Petroleum, which is relocating to Houston.

Independent investment advisory firm Monarch Alternative Capital will take over the entire 26th floor of the property during the first quarter of 2009. Neil Goldmacher and Arthur Draznin of Newmark Knight Frank represented Monarch in the lease negotiations.

Banco do Brasil signed a long-term lease for the entire 34th floor. Jonathan Schindler and Aron Scheier of Colliers ABR acted on behalf of Banco do Brasil.

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