Yes, workers are returning to Midtown: Park Tower Group has secured a series of lease extensions totaling 39,315 square feet at 535 Madison Ave., bringing the 37-story office tower to 100% occupancy. Park Tower Group also reports that daily head counts at the Plaza District building have topped 94%.
Bain Capital NY LLC signed a 14,765-square-foot, 11-year lease for the entire 30th floor. Bain doubles its space in the building, adding to its 14,765-square-foot space on the entire 29th floor. The investment firm was represented by Bryan Boisi and Connor Barnes of Cushman & Wakefield Boston.
FTV Management Company L.P. is expanding into 12,275 square feet on the entire 33rd floor as part of a 13-year lease. FTV extended its 12,275-square-foot space on the entire 32nd floor by 8 years. The investment firm was represented by Howard Grufferman and Reid Longley of Colliers.
Garda Capital Partners LP signed a 12,275-square-foot, 10-year lease the entire 34th floor, relocating and expanding from its previous space of 3,824 square foot space on part of the 21st floor. The asset management firm was represented by Brent Ozarowski and Kevin Sullivan of Newmark.
A CBRE team of Brian Gell, vice chairman, and Laurence Briody, executive vice president, represented Park Tower Group in all three transactions. The agreements bring the 480,000 square-foot office tower to 100% percent leased.
Daily headcount at the tower first surpassed 50% in June 2021, when the regional average stood at 21%, according to Kastle Systems data. 535 Madison surpassed the 85% threshold for the first time on March 1 and has continued to remain above that level during the mid-weeks. That compares to 33% for the metropolitan area, the company said.
“With its inviting blend of collaborative spaces, modern technology, top-tier amenities, public art, and proximity to Grand Central, 535 Madison is a destination where people want to come to work,” said Marian Klein, president of Park Tower Group, which is based at the tower. “We have a tenant roster that understands the importance and benefits of bringing people together in a warm, welcoming environment. As a result, the current energy and activity level at 535 Madison has largely returned to its historic level.”
