Newmark Knight Frank is pleased to announce that it has negotiated a new long-term, 10,820-square-foot lease for advisory and investment firm Threadstone Partners/ Marvin Traub Associates at 477 Madison Avenue in Manhattan. An NKF team of Senior Managing Director Larry Zuckerman and Associate Director Todd Hershman represented the tenant, while Vice Chairmen Brian Waterman and Scott Klau, Managing Director Joshua Gosin, and Associate Director Alexander Radmin represented ownership in the transaction.
Encompassing the entire 18th floor, the tenant’s new space features stunning views of St. Patrick’s Cathedral. 477 Madison Avenue is currently undergoing a full repositioning, which will include a brand-new lobby, elevator cabs and mechanicals, and entrance on Madison Avenue. The renovations are expected to be completed by the end of April, with the new installation provided to the tenant reflecting the high-end standard of the freshly repositioned property.
“After a search of the marketplace, and study of alternatives, the perfect solution for the tenant wound up being right beneath them, as ownership’s turnkey installation utilizing ownership’s new building standards will provide an exceptional, progressive, workplace environment for the tenant,” said Zuckerman. “The high-quality level of finishes developed for the tenant’s new space bring it up to the pristine standards being set by all of ownership’s other capital improvements in the recently-renovated property,” said Hershman.
As ownership continues to roll out its high-end prebuilt program, the resulting availabilities for prebuilt units will range from 3,000 to 8,000 rentable square feet. Other near-future availabilities will include full floors from 5,000 to 18,000 square feet and will involve a sizable number of terraces. Asking rents in 477 Madison Avenue hover around the high $70s per square foot. The tenant is expected to take occupancy of the new space in December of this year.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc., is one of the world's leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and NKF Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
