RFR has added two new tenants and renewed with an existing tenant at its newly renovated 477 Madison Avenue office building in Midtown .
Two financial services firms and Bespoke Fashion will account for a total of 22,000 s/f of new and renewed office leases at the 24-story boutique office building.
Private equity firm Ariel Alternatives and Bespoke Fashion, a menswear wholesaler, joined the tenant roster while hedge fund Oribel Capital renewed its commitment to space at 477 Madison as RFR completed a top-to-bottom redesign of the office tower.
“We are seeing a continued flight to quality as more tenants want better designed and better appointed buildings that offer employees and guests stimulating and productive workspaces.” said AJ Camhi, Executive Vice President and Director of Leasing at RFR.
RFR – in collaboration with MDeAS Architects and Spector Group – has modernized the building with upgrades ranging from a newly tinted brick façade to redesigned common areas, outdoor spaces and amenity offerings. All of the street level frontage was replaced – including new retail storefronts and awnings as well as a new lobby entry along 51st Street.
The property also features a series of terrace setbacks which were enhanced with the installation of glass borders to improve views, and leave room for tenants to customize with furnishings and greenery.
Ariel Alternatives has signed a new 12-year lease at 477 Madison and was represented by JLL’s Shawna Menifee. Bespoke Fashion committed to a new seven-year lease at the boutique office building taking 3,600 square feet and was represented by Steven Bauer of JLL. Oribel Capital, a tenant at 477 Madison since 2015, has signed on for a three-year, 4,288-square-foot renewal and was represented by Cushman & Wakefield’s John Fitzsimons. The Newmark team of David Falk, Peter Shimkin, Daniel Levine, Eric Cagner represented RFR in the transactions and asking rents range from $74-95 per square foot.
“It’s exciting to see this combination of new and existing high-caliber tenants committing to 477 Madison,” said AJ Camhi. “We are witnessing the success of this revived asset as the workforce begins to return to in-person work.”
477 Madison is located at the corner of 51st Street and Madison Avenue, opposite St. Patrick’s Cathedral. Tenants include Kayne Anderson Capital Advisors, Rivkin Radler , Atlas Merchant Capital and Atlantic Street Capital.
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