In the realm of repositioned “Cinderella” buildings, Milstein Properties’ 22 Vanderbilt (formerly known as 335 Madison Avenue) occupies the most elite position.
Madison Avenue Tower, located between East 43rd and 44th Streets, recently signed five new leases totaling 460,000 square feet, making the 1.19 million square foot address 91 percent leased. It turns out. Neither transaction was previously reported.
The tower was built to replace the old Biltmore Hotel at that location. The company lost much of its power after its largest tenant, Bank of America, left a decade ago. However, it recently underwent a $250,000 renovation that included 275,000 square feet of new equipment.
Led by Michael Milstein, son of founder Howard Milstein, the program includes a public-facing lobby with quality food and beverage options named ‘Melangerie’, a luxurious bar/lounge called Bergamo’s , includes 80,000 square feet of tenant-only facilities, including conference and wellness facilities. Center.
The largest new lease signed last week was with management consulting firm Bain & Company for 235,000 square feet. Bain’s move will double its footprint in Manhattan. It will leave Brookfield’s nearby Grace Building, but the former space has already been scooped up by the Trade Desk for the company’s 126,000-square-foot expansion.
Separately, TD Securities has signed on for 80,000 square feet at 22 Vanderbilt.
We first reported on Bain and TD’s meeting in October last year. A representative for the landlord denied at the time that the lease had expired, leading some industry grumps to claim our source was incorrect. However, this is rarely the case.
Mr. Bain was represented by John Maher, Chris Collinette and Paul Myers of CBRE. TD was represented by Ryan Alexander, Matthew Saker and Nicole Marshall of CBRE.
The other new tenant at 22 Vanderbilt is the law firm Duane Morris, which acquired 80,000 square feet. Wealth manager AlTi Tiedemann Global has 40,000 square feet. and Kennedy’s, a 25,000 square foot global law firm.
All leased by Paul Amrich, Neil King, Jeffrey Fisher, Sacha Zarba and Megan Allen of CBRE, and Duncan McCuague, David Capana and PJ Massey of Brookfield Properties. Represented the landlord in connection with the contract.
Although Brookfield does not have an equity stake in 22 Vanderbilt, it serves as Milstein’s strategic leasing, asset management and marketing partner.
Damon Lopez O’Dwyer, Milstein’s chief operating officer, attributed the rental boom to “setting a new standard for the modern office,” saying 22 Vanderbilt’s 6 buildings offer direct indoor access to Grand Central Terminal. He cited the fact that it is one of only two office buildings in the city.
“Our New York office has grown tremendously over the past few years,” said Alison Gans, co-managing partner at Bain New York. She said the new location “gives us the opportunity to create a space that will function well into 2030 and beyond.”
The revitalized tower’s leasing campaign gained attention last year after attracting the public relations firm Joelle Frank, which will occupy a 75,000-square-foot building on Charles S. Cohen’s former 622 Third Avenue location. expanded by an additional 50,000 square feet. 68% of the building was talked about at the time. .
Joelle Frank’s asking rent was £95. Recent lease terms were not available.
The entire Grand Central business district is “on fire,” one broker said, as more well-paid workers return to the office.
The success of SL Green’s towering One Vanderbilt fueled a boom that spilled over into the retail industry. Swedish men’s shirt maker Eaton has opened a U.S. flagship store at 330 Madison Avenue in Munich Re, and Swiss company Watches just opened a large store at One Vanderbilt.
Dan Biedermann, founder of Grand Central Partnership and Bryant Park Corporation, returns to work each day with “huge pedestrian traffic” in the area and “Parking at Metro-North station full,” compared to half. He said he could see a trend. -It was fully booked until recently.
