Rudin Secures 10-Year HQ Lease Expansion in NYC
The IT company is taking an additional floor at the Midtown South property.
Mphasis, an IT and consulting company serving the financial services, telecom, logistics and technology industries, has signed a 10-year extension and expansion of its lease at 41 Madison. Rudin owns the 560,000-square-foot tower in Midtown South’s Flatiron District.
The tenant will continue to occupy the 42-story building’s 35th floor while also expanding into the entire 36th floor. The expansion adds 14,151 square feet to the lease, bringing Mphasis’ total footprint to 27,709 square feet.
Opened in 1974, 41 Madison is a modern glass-and-steel tower overlooking Madison Square Park. Rudin recently renovated the property, including redesigning and expanding its lobby. On the lower level, the building now features a 7,000-square-foot conference space offering five-star hospitality services and gourmet culinary selections.
41 Madison is WiredScore Platinum and uses Nantum AI, an advanced building operating system that focuses on using AI to improve efficiency, decrease carbon emissions and optimize tenant comfort.
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Other notable tenants at 41 Madison include Zip, BrightTower, SharkNinja, Kensington Vanguard, TenBerke, The Gersh Agency and The Henry Luce Foundation. Mark’s Off Madison, a restaurant and bakery from celebrity chef Mark Strausman, the creator of Fred’s at Barneys New York, operates out of a street-level location.
Robert Steinman, senior vice president of leasing at Rudin, and Craig Panzirer, senior vice president & head of office leasing, represented Rudin in-house. Mphasis was represented by CBRE Executive Vice President William Iacovelli and First Vice President Patrick Moroney.
Rudin’s recent leasing activity
Rudin might have a knack for retaining long-term tenants. Within the past couple of weeks, the owner-operator-developer landed a 170,112-square-foot lease extension with law firm Seward & Kissel at One Battery Park Plaza in Lower Manhattan’s Financial District. The law firm has been a tenant since 2011 at the property, where it occupies the 19th through 24th floors.
The Midtown South office market saw new leasing decline in the third quarter by 12.9 percent from the previous quarter, to 1.8 million square feet, though this figure was above both that from 12 months prior and the 2025 quarterly average, according to a report from Cushman & Wakefield.
Consistent with the strength of the TAMI (Technology, Advertising, Media & Information Services) sector, the third quarter’s largest lease in Manhattan was Anthropic’s 465,630-square-foot lease at 330 Hudson St.
Office vacancy decreased for the eighth consecutive quarter, to 21.5 percent, and year-to-date absorption was a positive 1.4 million square feet, Cushman & Wakefield reported.
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