New York, NY – March 6, 2012 – (RealEstateRama) — In a whirlwind of offers and counter-offers, Lee & Associates NYC has closed on a 47-month, 22,000-square-feet sublease in one of New York City’s prime locations at 600 Madison Ave. Located in the heart of the Plaza District, the sublease was negotiated and executed in one week.
The new office makes up 22,665 square-feet on the third floor of the 26-floor building and comes just two months after Lee & Associates partnered with Sierra Realty to become Lee & Associates NYC.
“This deal, which was completed in-house with the assistance of John Cannon and Howard Rosen, not only gives us an upscale, prime office space, but provides us with room to grow,” said James Wacht, president of Lee NYC, who anticipates his team to expand in the coming months. “Because the current landlord wanted to sublease the space quickly, we were able to close the deal in record time.”
While searching for its new headquarters, Lee-NYC initially believed that approximately 14,000 square-feet would be sufficient. However, given the success of the office’s recruitment efforts and the fact that the office will welcome at least 10 new, high-profile retail and office leasing brokers when the office is ready for occupancy in March there was an inherent need for a larger space.
Located on the corner of 58th Street and Madison Avenue, 600 Madison Avenue is situated in the epicenter of the Plaza District, Manhattan’s most prestigious business center, and is in the core of New York’s premier international shopping on Madison Ave., which further validates Lee-NYC’s leading retail division.
The new office will also serve as the home to Sierra Real Estate, an affiliate of Lee NYC. Greg Taubin of Studley, who played a significant role in expediting this transaction, represented the sub-landlord.
As Wacht further explained, “Because of a long-standing relationship and trust I had with Greg and Studley, we were able to move the deal along very quickly.”
About Lee & Associates NYC:
Celebrating more than 32 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with over 46 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. Lee & Associates NYC, a member of the Lee & Associates group of companies, provides office, retail and multifamily/investment brokerage services throughout the metropolitan New York City region. With its affiliate, Sierra Real Estate, Lee NYC also provides services in Property Management, Investment & Acquisitions and Construction Services. For more information about Lee & Associates NYC or Sierra Real Estate, you can contact us at: (646) 723-4707. Or visit us at www.leeassociatresnyc.com; www.sierranyc.com
