Tishman Speyer Secures Tenant at Manhattan High-Rise

March 11, 2026

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The tenant will move into the new office in the fourth quarter of 2026.

Worm's eye view of 520 Madison Ave., a 1 million-square-foot office property on Midtown Manhattan. — The LEED Gold-certified property rises 43 stories and features an outdoor plaza.
*Image by Joe Thomas, courtesy of Tishman Speyer*

Global investment management firm Brown Advisory has signed a 34,748-square-foot lease at Tishman Speyer’s 520 Madison Ave., a 1 million-square-foot office tower in Manhattan. The ownership had in-house representation, while JLL secured the deal on behalf of the tenant.

Brown Advisory will occupy the entire 27th and a portion of the 26th floors at the property and is scheduled to move into the new building in the fourth quarter of 2026.

The size of the 15-year lease is more than double compared to the firm’s current New York office, located at 12 E. 49th St., where it occupies 16,000 square feet.

Tishman Speyer Managing Director Megan Sheehan and Senior Director Sam Brodsky represented the ownership in the lease signing. JLL Vice Chairs Cynthia Wasserberger and Michael Berg, together with Executive Managing Director Bobby Blair and Senior Vice President Sofia Bruno, worked on behalf of the tenant in the transaction.

A LEED-certified tower in Plaza District

Completed in 1982 and renovated in 2008, the 43-story tower features 25,000 square feet of retail space, concierge service, a paddle court, a designated bike room and 23 passenger elevators. The LEED Gold-certified property also includes an outdoor plaza, office lobby and curated art program.

READ ALSO: 2026 Green Building Trends

Brown Advisory will join Jefferies, AEA Investors, SQ Capital and Madison Realty Capital in the tenant roster, according to Yardi Matrix information. Including this latest deal, the high-rise is now 99 percent leased. Tishman Speyer secured roughly 125,000 square feet in commitments at the office tower since the start of 2025.

Located in Midtown Manhattan between East 53rd and East 54th Streets, the property is across the street from the Fifth Avenue subway station on lines E and F and within one block east of the Museum of Modern Art.

Manhattan’s office rates decline, vacancy improves

January 2026 saw Manhattan’s office listing rates contract 1.3 percent year-over-year to $67.36 per square foot, but the borough remained the most expensive, with San Francisco ($63.84 per square foot) and Miami ($56.03 per square foot) ranking second and third across the U.S., according to a recent Yardi Matrix report. During the same month, the national figure also fell 2.5 percent compared to January 2025, to $32.55 per square foot.

The first month of this year also saw the borough’s vacancy rate register an abrupt 350-basis-point drop to 13.1 percent over a 12-month period, the lowest value nationwide, with Tampa, Fla. (14.2 percent) and Los Angeles (14.6 percent) following closely behind.

Earlier this month, Tishman Speyer inked another 15-year old deal. Chimera Investment Corp. signed a 22,000-square-foot lease at 1 Rockefeller Plaza in Manhattan, part of the Rockefeller Center complex.

Meanwhile, the decrease in vacancy rates in Manhattan’s office market is also fueled by AI companies expanding in the borough. This week, Clay signed a 10-year, 163,095-square-foot lease at 11 Madison Avenue, one of SL Green Realty Corp.’s towers.