{"id":1004576797,"date":"2022-04-19T04:02:02","date_gmt":"2022-04-19T12:02:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004576797"},"modified":"2022-12-08T17:09:01","modified_gmt":"2022-12-09T01:09:01","slug":"leasing-surge-takes-manhattan-tower-to-full-occupancy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/leasing-surge-takes-manhattan-tower-to-full-occupancy\/","title":{"rendered":"Leasing Surge Takes Manhattan Tower to Full Occupancy"},"content":{"rendered":"<div id=\"attachment_1004576814\" style=\"width: 240px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004576814\" data-attachment-id=\"1004576814\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/leasing-surge-takes-manhattan-tower-to-full-occupancy\/535-madison\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison.jpg\" data-orig-size=\"689,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"535 Madison\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;535 Madison. Image courtesy of Park Tower Group&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison.jpg?w=689\" class=\"wp-image-1004576814 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison.jpg?w=230\" alt=\"Park Tower Group announced that office lease expansions and extensions at 535 Madison in Manhattan\u2019s Plaza District have brought the building to full occupancy.\" width=\"230\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison.jpg 689w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison.jpg?resize=230,300 230w\" sizes=\"auto, (max-width: 230px) 100vw, 230px\" \/><\/a><p id=\"caption-attachment-1004576814\" class=\"wp-caption-text\">535 Madison. Image courtesy of Park Tower Group<\/p><\/div>\n<p>Lease expansions\/extensions by three current tenants at 535 Madison, a 37-story, 480,000-square-foot office tower in Manhattan\u2019s Plaza District, have brought the building to full occupancy, owner <strong>Park Tower Group<\/strong> announced.<\/p>\n<p>Perhaps almost as important, Park Tower Group reported that daily headcounts at the Class A property have topped 94 percent, nearing the pre-pandemic level.<\/p>\n<p>The lease extensions by <strong>Bain Capital<\/strong>, <strong>FTV Management Co<\/strong>. and <strong>Garda Capital Partners<\/strong> total 39,315 square feet.<\/p>\n<ul>\n<li>Bain Capital NY LLC signed a 14,765-square-foot, 11-year lease for the entire 30th floor, doubling its space in the building by adding to its full-floor space on the 29th floor. The investment firm was represented by Bryan Boisi and Connor Barnes of <strong>Cushman &amp; Wakefield<\/strong><\/li>\n<li>FTV Management Co., L.P. is expanding into 12,275 square feet (the entire 33rd floor) as part of a 13-year lease, while extending its same-sized lease of the entire 32nd floor by eight years. The investment firm was represented by Howard Grufferman and Reid Longley of <strong>Colliers<\/strong>.<\/li>\n<li>Garda Capital Partners LP signed a 12,275-square-foot, 10-year lease for the entire 34th floor, relocating and expanding from its previous 3,824-square-foot space on the 21st floor. The asset management firm was represented by Brent Ozarowski and Kevin Sullivan of <strong>Newmark<\/strong>.<\/li>\n<\/ul>\n<hr>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattans-office-pipeline-expected-to-shrink\/\">Manhattan\u2019s Office Pipeline Expected to Shrink<\/a><\/p>\n<hr>\n<p>A <strong>CBRE <\/strong>team of Brian Gell, vice chairman, and Laurence Briody, executive vice president, represented Park Tower Group in all three transactions.<\/p>\n<h2>Headcount hunting<\/h2>\n<p>535 Madison has outpaced average NYC daily population percentages since at least the summer of 2021, Park Tower Group reported, based on <strong>Kastle Systems<\/strong> data. For example, the building passed 85 percent for the first time on March 1, when the metro area\u2019s average was just 33 percent.<\/p>\n<p>\u201cWe have focused throughout the pandemic on ensuring that our tenants feel safe and comfortable coming into and fully utilizing 535 Madison,\u201d Marian Klein, president at Park Tower Group, which is headquartered in the tower, told <em>Commercial Property Executive<\/em>.<\/p>\n<div id=\"attachment_1004576811\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison-NYC.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004576811\" data-attachment-id=\"1004576811\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/leasing-surge-takes-manhattan-tower-to-full-occupancy\/535-madison-nyc\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison-NYC.jpg\" data-orig-size=\"797,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"535 Madison, NYC\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;535 Madison Lobby. Image courtesy of Park Tower Group&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison-NYC.jpg?w=797\" class=\"wp-image-1004576811 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison-NYC.jpg?w=300\" alt=\"Park Tower Group announced that office lease expansions and extensions at 535 Madison in Manhattan\u2019s Plaza District have brought the building to full occupancy.\" width=\"300\" height=\"226\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison-NYC.jpg 797w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison-NYC.jpg?resize=300,226 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/04\/535-Madison-NYC.jpg?resize=768,578 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004576811\" class=\"wp-caption-text\">535 Madison Lobby. Image courtesy of Park Tower Group<\/p><\/div>\n<p>She then described some of the reasons the building has excelled at generating high daily headcounts, such as \u201ca touchless street-to-office experience,\u201d with security guards assisting in elevator operation. Building staff was fully vaccinated.<\/p>\n<p>The building\u2019s protocols include temperature scans, mask requirements in all common areas, elevator capacity limits and enhanced cleaning. A reservation system was adopted for the fitness center, and more bike racks were added, to accommodate pandemic-driven transportation shifts.<\/p>\n<p>Barely a week ago, SL Green <a href=\"https:\/\/www.commercialsearch.com\/news\/phaidon-international-signs-manhattan-sublease\/\">landed a sizable sublease<\/a> with global recruitment agency Phaidon International at the landlord\u2019s 711 Third Ave. in Manhattan. Cushman &amp; Wakefield arranged the transaction, which totaled 71,239 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Park Tower Group\u2019s 535 Madison has landed three lease extensions and expansions.<\/p>\n","protected":false},"author":882,"featured_media":1004576811,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32789,35498,32799,49783,50999],"class_list":["post-1004576797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cbre","tag-colliers","tag-cushman-wakefield","tag-kastle-systems-international","tag-newmark"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Leasing Surge Takes Manhattan Tower to Full Occupancy - 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