Amid all the dreadful news about commercial real estate, it’s outright soothing to hear that nuts-and-bolts leases continue to get signed.
Broadway Partners just inked a sizable new lease at its 340 Madison Avenue, the 22-story, squat glass building one block from Grand Central.
The Office of the Comptroller of the Currency –- an arm of the Treasury Department that regulates national banks (and, boy!, could they use some regulation) — has leased 50,519 square feet in the building, which the OCC has leased in since 2004. The office is expanding its footprint from about 45,000 square feet. The asking rent was $80 a square foot.
Studley super brokers Ken Ruderman and Michael Goldman represented the tenant. Howard Fiddle and Paul Amrich of CBRE have represented Broadway Properties on all recent leases.
And there have been a lot of them — bringing the total occupancy of the building, which Broadway bought in late 2006 at 43 percent occupancy, to 92 percent.
SunGard recently signed a 120,000 square foot lease at the property; PNC Financial Services Group leased 40,310 square feet; Banco Espirito Santo Investment signed a lease for 13,328 square feet; Unison Site Management leased 11,113 square feet; and investment firm Zenkyoren Asset Management of America, Inc. leased 4,115 square feet.
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