The Kaufman Organization’s Madison Square Portfolio consists of four buildings located between the NoMad and Flatiron districts in Manhattan. Credit: Kaufman Organization
NEW YORK CITY—The Kaufman Organization reports it has secured three lease deals totaling more than 17,000 square feet at 45 West 27th St. here, part of the commercial real estate firm’s four-building “Madison Square Portfolio” in Midtown South.
Market Factory, Frame.io and Cuebiq signed separate 5,702 square-foot leases for full floor spaces on the 12th, 10th and third floors, respectively at the 12-floor 69,310-sf boutique office building located between Broadway and Sixth Avenue.
Kaufman’s Grant Greenspan, principal; Michael Heaner, partner; and Elliot Warren, leasing director represented the landlord, 45 W 27 Leasehold LLC in the transactions.
Market Factory, represented by Sam Saffman and Michael Schoen of Savitt Partners, signed a seven-year lease for a full-floor space on the building’s top floor. Asking rent for the space was in the low $70’s-per-square-foot.
Media company Frame.io, represented by Colliers International’s Eric Ferriello, Sam Einhorn and Robert Tunis, signed a five-year lease for a full-floor space on the 10th floor. Cuebiq, represented by the SquareFoot’s Arash Sadighi, signed a three-year lease for a full-floor pre-built space on the third floor of the building. The company specializes in providing accurate location data. Asking rents were in the mid $60’s-per-square-foot for the now leased space on the third and 10th floors.
“Since the unveiling of the Madison Square Portfolio in 2015, leasing velocity in all of our buildings, not just 45 West 27th St., has remained strong. The demand for full-floor spaces, at the sizes we are offering, has been robust due to firms wanting to establish a brand presence in Midtown South,” Greenspan says.
He adds the firm is building out “modern, tech-friendly” full-floor space on the eighth floor of the building to cater to demand for pre-built spaces in the neighborhood. The Madison Square Portfolio is now 85% occupied. He anticipates the properties being 100% leased in the next few months.
The Kaufman Organization’s Madison Square Portfolio consists of four buildings (13 West 27th St., 45 West 27th St., 19 West 24th St., and 119 West 24th St.) located between the NoMad and Flatiron districts in Manhattan.