CBRE announced that it has been chosen as the exclusive leasing agent for 260 Madison Avenue and 261 Madison Avenue, located across the street from each other between 38th and 39th streets.
A CBRE team led by Peter Turchin was awarded the agency assignment for the two “sister” buildings by owner the Sapir Organization.
“Grand Central is an area with many overlooked buildings with unique spaces,” said Mr. Turchin. “We intend to work with ownership to create a truly unique product—one-of-a-kind, full-floor spaces, many with terraces and outdoor areas, that speak to the needs of innovative firms.”
“Peter understands what creative tenants are looking for,” said Alex Sapir, the building’s owner. “We are looking to combine his knowledge with the capital that we have already used to upgrade the buildings to make deals and attract new creative tenants.”
Built by Austrian-born architect Sylvan Bien at the mid-century modernist height, 260 Madison owes a debt to Lever House, with its strong horizontals and continuous windows, while 261 Madison shows its pedigree as the former American Machine & Foundry Building in the pleated metal of its curtain-wall cladding. Both buildings summon up a certain appealing “Mad Men” aesthetic, and together make for a commanding full-block presence on the avenue.
260 Madison Avenue is 22 stories and 565,000 square feet. Tenants include Coca-Cola, Regus, law firm McLaughlin & Stern, Marcus & Millichap and Hanesbrands.
261 Madison Avenue is 28 stories and 400,000 square feet. Tenants include Signature Bank, along with established companies in law, marketing and a number of burgeoning consultancies in advertising and tech. The acclaimed Zuma restaurant features an izakaya-style Japenese menu along the Madison Avenue streetfront.
Just blocks from Grand Central Station, with a coveted Midtown Manhattan address, the two buildings sit close to Bryant Park and the New York Public Library.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.