RFR signs over 30,000 s/f new leases at 477 Madison Ave.

Manhattan, NY RFR signed two new tenants at 477 Madison Ave., a 24-story office tower in Midtown. The two financial services firms will move into built-to-suit office space at the renovated building with Treville Capital Group taking 18,412 s/f and Fiera Capital taking nearly a full floor. The new deal activity follows RFR’s top-to-bottom redesign of this asset and subsequent creation of a modern pre-built office design through a partnership with Fogarty Finger Architects. Under RFR’s ownership, the building has become established as an option for tenants seeking a combination of convenience, design and management.

A CBRE team of Arkady Smolyansky and Alex D’Amario represented RFR in the transactions.

Treville Capital Group was represented by Peter Michailidis of JLL and will occupy 18,412 s/f on the eighth floor for a 10-year term. The firm will relocate from 437 Madison.

Fiera Capital was represented by Neil Goldmacher and CJ Heitner of Newmark and will occupy most of the seventh floor for a 10-year term. The firm will relocate from the Seagram Building, staying within the RFR portfolio.

“There is a pronounced shortage of quality office along the Park Avenue corridor and we are seeing incredible interest from high-caliber tenants who demand an elevated workspace while seeking proximity to Park Ave. and Grand Central,” said AJ Camhi. “These newest tenants were seeking very high-end workplace experiences and we were able to show them a stunning example of what a pre-built space at this building could look like thanks to the 10^th floor buildout we created with Fogarty Finger.” Camhi also notes that the 10^th floor pre-built — consisting of 13 offices, multiple conference rooms, phone rooms, eat in pantry, coffee bar, and open area for 50+ workstations.

RFR – in collaboration with Fogarty Finger Architects – created an 18,000 s/f pre-built space at 477 Madison which showcases the potential, and serves as a model, for build-outs on other floors. The turn-key space features custom white oak millwork, marble pantry finishes and contemporary lighting fixtures. Using this as a model, Fogarty Finger will bring their design expertise to subsequent buildouts, including the Fiera Capital and Treville Capital Group spaces.

“It’s a great comfort to know our office tenancy will stay within the RFR portfolio,” said Gary Nussenbaum, chief administrative officer at of Fiera Capital. “Our ability to work with RFR in creating a high-end, customized space that works for our team were important factors in our decision to make this move.”

RFR recently modernized the building with upgrades ranging from a newly tinted brick façade to redesigned common areas, outdoor spaces and amenity offerings.  All of the street level frontage was replaced – including new retail storefronts and awnings as well as a new lobby entry along 51^st St. The property also features a series of terrace setbacks which were enhanced via the installation of glass railings to improve views, and leave room for tenants to customize with furnishings and greenery.

“It’s exciting to see this combination of new and existing high-caliber tenants committing to 477 Madison,” said AJ Camhi. “The demand for quality midtown office space near Grand Central Station far exceeds the supply so we look forward to hitting 95% occupancy by summer.”

477 Madison is located at the corner of 51st Street and Madison Avenue, opposite St. Patrick’s Cathedral.  The Clubhouse amenity space, features a fitness center with Pelotons and studio space for one-on-one personal training, locker rooms with showers; multiple conference rooms including a 30-person boardroom; cafe, lounge and billiard room. The building also boasts 15,000 square feet of outdoor terraces across multiple floors; natural light made possible by a full-building window replacement with new oversized 15’x7’ windows; and, bicycle storage.

Located within a five-block radius of five subway stations, 477 Madison provides immediate access to nine subway lines and Grand Central Madison terminal. Several spaces include terrace setbacks while landmarked neighboring buildings ensure that every floor offers exceptional protected views and abundant natural light.  Full-floor opportunities range from 5,000 to 18,000 square feet, appealing to a diverse tenant base. 

Under RFR’s ownership and repositioning program, 477 Madison Avenue has proven attractive to financial and investment firms signing leading firms such as Ariel Alternatives, Atlas Merchant Capital, Cliffwater, Kayne Anderson and Western Alliance Bank.