Mitsui Fudosan America’s 527 Madison Avenue Announces Renewal, Expansions and New Lease

Real Estate Weekly

Mitsui Fudosan America, Inc. (MFA) announced it has leased three full floors and a pre-built partial floor at 527 Madison Avenue—its trophy 26-story office tower located at the corner of 54th Street in the Plaza District—with the addition of a new tenant and growing footprints of two financial firms in the building.

Private equity investment firm Clarion Capital Partners signed a 10-year renewal and expansion, taking the 10th and 11th floors for a total of 17,200 square feet. A private global container terminal operator signed a full-floor, long-term lease for 6,500 square feet on the 25th floor. Fintech firm CAIS added newly prebuilt space spanning 4,484 square feet on the 12th floor, bringing its total to 17,734 square feet.

The tenant expansions and new lease bring the approximately 240,000-square-foot boutique building property close to full occupancy, with just the entire 11,600-square-foot 8th floor available.

“We are pleased to announce this recent leasing success as we continue our commitment to providing our tenants with amenity-rich environments that inspire productivity and collaboration,” said Slater Traaen, MFA’s senior director of Asset Management and Leasing. “527 Madison’s tour and leasing velocity appears to outpace the broader submarket, which is attributable to the building’s blue-chip tenant roster and ability to provide tenants full-floor identity.”

MFA invested in a multi-million-dollar modernization of the distinctive property, which included a modern lobby of polished marble designed by MdeAS that features rotating art exhibitions, as well as upgraded elevators, state-of-the-art security and a 10th floor wi-fi-enabled terrace for tenants’ exclusive use. 527 Madison’s roster includes Australia’s biggest pension fund, and internationally recognized hedge funds and global investment firms.

Savills vice chairman Stephen Berliner represented Clarion Capital Partners in its renewal and expansion. The container terminal operator was represented by Todd Abrams, managing director of Prime Manhattan Realty. CAIS was represented by Brad Needleman, an executive managing director with Newmark. A Cushman & Wakefield team led by executive vice chairman Mark Boisi, and executive directors Stephen Bellwood and Bryan Boisi, serve as exclusive leasing agents for 527 Madison Avenue. Hines is the property manager.

“These transactions are a reflection of ownership’s impeccable management track record and strong commitment to meeting the needs of tenants seeking high-end space that engages their employees,” said Mark Boisi. “The building’s full-floor offerings, in-house construction program, high-end pre-builts and amenities, coupled with its premier Plaza District location, make it an ideal home for discerning companies.

“527 Madison Avenue’s in-building public parking and proximity to numerous public transit options is also a huge draw, as well as its proximity to Central Park and iconic eateries like the Monkey Bar at the Hotel Elysée and Nerai.”