Ownership completes extensive capital improvement program at the property
NEW YORK, NY, October 31, 2018 — Cushman & Wakefield today announced that the brokerage firm has inked over 50,000 square feet (sf) in office leases at 295 Madison Avenue so far in 2018. Completed this year, the office building underwent major capital improvements to offer brand new state-of-the-art building systems, a new lobby, and new high-end building installations.
A team led by William Fressle, Andrew Braver, Kelli Berke, Greg Kuhlman, Anthony Cugini and Eric Hazen represent the landlord, the Eretz Group, in all leasing and marketing efforts.
“These offices are ideal for companies looking for value, high-end space within the heart of Midtown,” said William Fressle of Cushman & Wakefield. “Current and future tenants will benefit from the upgrades throughout the building, made to promote efficiency.”
Recent deals at the property contributing to the 50,000 sf total leased include Atria Wealth Solutions’ 5,917 sf lease, Amzak Health’s lease totaling 3,800 sf, and Exchange Traded Concept’s 3,800 sf lease. Additional notable tenants at the property include Certara, Diamond McCarthy LLP, and the United States Olympic Committee.
A key driver in the property’s leasing success was ownership’s multimillion dollar capital improvements plan, recently completed in the third quarter. The capital improvements included an upgraded lobby, brand new state-of-the-art building systems including upgraded security, destination-dispatch elevators, and elevator mechanic upgrades, and new, high-end building installations including polished concrete floors, glass-fronts, and brand new bathrooms and corridors.
295 Madison Avenue provides a wide array of flexible and efficient layouts. Asking rents range from $58-$72 price per square foot in the building. This winter, ownership will be bringing to market a 12,000 RSF, full floor pre-built on the 15th floor that will feature high-end, creative finishes. Also coming available in 1Q 2019 is the entire 15,875 RSF 5th floor where ownership can provide a high-end, building standard installation based on a tenant’s space program.
As part of a complete reconfiguration and renovation of the ground floor and lower level retail, ownership installed brand new floor to ceiling glass storefronts. Ownership has already secured quality retail tenants Everybody Fights (the boxing gym of George Foreman III), Dill & Parsley and Ikinari Steak – all of whom are open for business. Currently there is one corner retail suite available with approximately 150’ feet of wraparound frontage on Madison Avenue and 41st Street.
Situated steps away from Grand Central Terminal and Bryant Park, 295 Madison Avenue is ideally located near major transportation lines, dining, retail and entertainment options.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.