Fried Frank Inks Lease in Midtown Manhattan

535 Madison Ave. Image courtesy of Park Tower Group

Fried Frank has signed a 14,357-square-foot, 15-year lease at Park Tower Group‘s 535 Madison Ave. property in Midtown Manhattan. The law firm will relocate its conference center to the 502,319-square-foot office tower in the Plaza District.

CBRE worked on behalf of both parties in the lease signing, with Loeb & Loeb also representing the landlord.

Fried Frank will occupy the entirety of the 10th floor at the 37-story tower. The firm will relocate its Midtown conference center from the Seagram Building, where it currently occupies 11,703 square feet, starting early 2024.

535 Madison is currently close to full occupancy, with tenants Bain Capital, FTV Management Co., Garda Capital Partners and Saratoga taking up a combined 45,315 square feet of the property. Besides 13,208 square feet of retail, 535 Madison also encompasses 6,000 square feet of amenity space, which comprises a fitness center, an on-site conference center, as well as locker rooms, private showers, Zoom and maternity rooms.

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Completed in 1981, the Class A office tower underwent a cosmetic renovation in 2009, as shown by CommercialEdge. The building’s entrance lobby and elevators were redesigned by Deborah Berke Partners, matching the original architecture by Edward Larrabee Barnes.

A prime Midtown Manhattan location

535 Madison Ave. Image by Thorney Lieberman, courtesy of Park Tower Group

The office tower is located on the northeast corner of Madison Avenue and the 54th Street, in proximity of The Polo Bar, The St. Regis New York hotel and the Museum of Modern Art. 535 Madison is also near Central Park and offers commuting connectivity via six subway lines.

Manhattan maintains its position as the nation’s leader for office investment. As of October, sales worth a total of $5.56 billion closed in the borough, according to a recent CommercialEdge report. That same month, the metro’s office vacancy rate hit 14.6 percent, marking a 3.5 percent increase year-over-year.

CBRE Chairman Steve Siegel, Vice Chairmen Craig Reicher and Tim Dempsey, together with Executive Vice President Ramneek Rikhy and Vice President Marlee Tepliztky represented Fried Frank in the lease signing. The team also collaborated with Fried Frank Chairman Jonathan Mechanic, Partner Jennifer Yashar and Associate Jackson Cole. CBRE’s Vice Chairman Brian Gell and Executive Vice President Laurence Briody represented the landlord, along with Kenneth Sold, partner at Loeb & Loeb.