50,000 SF of Deals Within First 6 Months of Ownership as RFR Completes Leases With Kayne Anderson Capital Advisors, L.P. and Rivkin Radler LLP
RFR has completed over 50,000 square feet of leasing at 477 Madison Avenue within its first 180 days of ownership, after acquiring the property in July 2019. Kayne Anderson Capital Advisors, L.P.and Rivkin Radler LLP are the latest tenants to lease office space at the 325,000-square-foot, 24-story boutique officebuilding with 11,000 square feet of street-level retail space.
Under RFR’s ownership and repositioning program, 477 Madison Avenue has proven attractive to financial and investment firms. Kayne Anderson Capital Advisors, L.P., a leading alternative investment management firm focused on energy, infrastructure, real estate, credit, and growth equity, signed a long-term lease taking an entire floor in a re-location from 655 Madison Avenue. Currently managing over $31 billion of assets for institutional investors, family offices, high net worth and retail clients, Kayne Anderson has 350 employees and offices in Los Angeles, New York, Chicago, Houston, Boca Raton, Atlanta, Dallas, and Denver.MittiLiebersohn, Brooks Hauf and Katie Richardson of Avison Young represented Kayne Anderson in the transaction.
Additionally, Rivkin Radler LLP, a legal practice with more than 190 attorneys across five offices, signed a long-term lease for 14,888 square feet, representing itself in the negotiations. RFR was able to accommodate the firm’s expansion needs by relocating them within the building. RFR was represented in the leasing deals by its in-house leasing team of AJ Camhi, Rob Weller, Ryan Silverman, Paul Milunec and Kevin West.Together, Kayne Anderson,Rivkin Radler, Atlas Merchant Capitaland Atlantic Street Capitalhave leased more than50,000 square feet at 477 Madison since RFR completed the acquisition.
“Our extensive redevelopment plan has been thoughtfully planned and executed to attract the highest quality office tenants to 477 Madison,” said Mr. Camhi, Executive Vice President & Director of Leasing at RFR. “With excellent floor plates and an attractive central location on the corner of 51st Street and Madison Avenue overlooking St. Patrick’s Cathedral and the Villard Houses, 477 Madison is a compelling office relocation option”.
RFR has launched a full reinvention of the building, featuring an upgraded façade, new large windows and retail storefronts, and enhanced landscaped terraces with glass balcony railings. An art programexhibits contemporary art in the entry lobby, and a new health, wellness and conference amenity space is in progress on the concourse level. This new amenity space is available for all tenants, and features a fitness center, a 30-person boardroom, pantry, lounge, living roomand games.Other highlights of the improvement plan include a new high-end prebuilt program, new fully renovated corridors, new restrooms, upgraded elevators, and modernized building systems.
477 Madison is located within a five-block radius of five subway stations providing immediate access to nine subway lines andwill benefit from the LIRR East Side Access and associated transit improvements.Multiple terrace setbacks and landmarked neighboring buildings ensure that every floor offers exceptional protected views and abundant natural light. Efficient floors range from 5,000 to 18,000 square feet, appealing to a diverse full-floortenant base while also offering partial-floor pre-built suites.
About RFR
RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990’s, the firm has been an active force in the New York City and German real estate market for much of the past two decades. RFR’s portfolio has grown to include more than 100 properties located in select domestic and international markets. While its property portfolio is anchored in the Manhattan and key German commercial markets, RFR also has significant commercial, residential, hotel, and retail holdings. RFR has a proven track record of adding significant value to the properties it acquires through property-level repositioning and strategic financial engineering. RFR has created an organization with deep experience in all phases of the property life cycle and is positioned to take advantage of market opportunities.
