NEW YORK, NY – Property developer and manager Park Tower Group has secured three lease extensions, totaling 39,315 square feet, at its Class A office tower at 535 Madison Ave. in New York, NY.
The agreements take the property to 480,000 square feet at 100% occupancy. A space of 14,375 square feet on the 12th of the buildingand will be available for charter mid-2022.
The company has entered into agreements for additional space with Bain Capital NY LLC, FTV Management Co. and Garda Capital Partners.
Bain Capital NY LLC signed an 11-year, 14,765 square foot lease for the 30and stage. The deal doubles Bain’s space in the tower, where the investment firm also leases all 29and stage.
FTV Management Co. has extended its lease to a total of 12,275 square feet across all 33 of the towerrd floor, under a 13-year lease. The investment company also expanded its space by 12,275 square feet on the 32 of the towern/a eight-year floor.
Garda Capital Partners LP signed a 10-year, 12,275 square foot lease for all 34and stage. With this agreement, the asset management company moves and expands its former space of 3,824 square feet at 21st stage.
Located at the corner of Madison Ave. and 54 St., the 37-story tower’s daily population percentages are more than double the New York City office building average of 33%. Daily tower headcount exceeded 94%. The building first exceeded 50% in June 2021, before exceeding 85% for the first time on March 1, 2022.
“With its inviting mix of collaborative spaces, modern technology, high-end amenities, public art, and proximity to Grand Central, 535 Madison is a destination people want to come to work,” says Marian Klein, President of Park Tower Group. “We have a roster of tenants who understand the importance and benefits of bringing people together in a warm and welcoming environment. As a result, the current level of energy and activity at 535 Madison has largely returned to historic levels.
CBRE Vice President Brian Gell and Executive Vice President Laurence Briody represented Park Tower Group in all three transactions.
For the transactions, Bain Capital NY LLC was represented by Bryan Boisi and Connor Barnes of Cushman & Wakefield; FTV Management Company LP was represented by Howard Grufferman and Reid Longley of Colliers; and Garda Capital Partners LP was represented by Brent Ozarowski and Kevin Sullivan of Newmark.
Originally designed by architect Edward Larrabee Barnes, the tower’s grand lobby and elevators have since been redesigned by Deborah Berke of Deborah Berke Partners.
In 2017, Park Tower Group set up a 6,000 square foot amenities and fitness center in the tower for tenants, which includes equipment including Life Fitness machines and Peloton bikes, Zoom rooms and nap rooms/mothers’ rooms. The fitness center is managed by LivUnLtd.
The lobby and outdoor plaza at 535 Madison also house an exhibition space for major works of art thanks to a partnership between Park Tower Group and auction house Christie’s. The square is also occupied by the Greek haute cuisine restaurant, Nerai.