RFR Realty announced a 39,032 s/f lease for the World Economic Forum USA at 350 Madison Avenue, a 400,000 s/foffice building three blocks from both Bryant Park and Grand Central Terminal.
Incorporated as a non-profit business league, the World Economic Forum USA, represented by Robert Silver and Scott Brown of Newmark Grubb Knight Frank, signed a new, long-term lease for two entire floors.
The World Economic Forum USA is relocating from 3 East 54th Street.
The international organization for public-private co-operation is headquartered in Geneva, Switzerland, under the supervision of the Swiss Federal Government. It is led by Professor Klaus Schwab, the founder and executive chairman. The group’s Board of Trustees includes Al Gore, the former Vice President of the United States; Christine Lagarde, the Managing Director of the International Monetary Fund (IMF); and Jim Hagemann Snabe, Chairman of the World Economic Forum USA and former co-CEO of SAP AG.
The landlord was represented in the lease by Alexander Chudnoff and Mitchell Konsker leading a leasing team from JLL, which represents RFR’s New York office portfolio. RFR senior vice president and director of leasing AJ Camhi also represent the landlord in-house.
“It’s a pleasure to welcome such an illustrious tenant to 350 Madison Avenue,” said Chudnoff, “This asset’s repositioning has yielded great results and helped to make a transaction such as this lease with the World Economic Forum USA possible. We’re confident this momentum will continue, as tenants tour the building and understand its location and attributes.”
RFR’s renovation of 350 Madison Avenue included the redesign of the building’s two-story, sky-lit lobby as well as new interior landscaping, a rotating museum-quality art program currently exhibiting paintings by David Salle and prints by Andy Warhol, and a coffee bar and convenience stand as additional amenities. The exterior has a new two-story storefront and entry canopy.
Recent leasing activity there includes HL Group, which signed a new lease for 13,115 s/f; Alkeon Capital, which signed a new lease for 23,406 s/f; Bank Leumi USA, which signed for 58,548 s/f; Braemar Energy and Beacon Light Capital, both of which signed for 7,178 s/f; and Certares Management Corp., which signed for 8,304 s/f.
Source: Real Estate Weekly