NEW YOR CITY–The insurance brokerage and consulting firm will be in the Sapir organization’s Midtown building as a direct tenant.
USI Insurance has signed a lease for 34,080 square feet, occupying the entire fifth and part of the sixth floor at 261 Madison Avenue. The 28-story, 383,934 square-foot-building is located between 38th and 39th streets. The leasing price was not disclosed.
The real estate holding and development company, the Sapir Organization, owns the building and its twin tower at 260 Madison Avenue, which house tenants including Coca Cola North America, Epix Entertainment, Signature Bank, Chase Bank and the London-based Japanese restaurant, Zuma.
USI Insurance previously had been leasing the space from a sublandlord, Source Interlink, whose parent company had filed for bankruptcy in 2014.
“We are very pleased to be continuing the relationship with USI and hope to have them grow in the property over the coming years,” Eli Joseb, general manager of the building tells GlobeSt.com.
He further notes that 261 Madison Avenue had undergone a substantial capital improvement program in excess of $15 million, completed in 2016. This included an enhanced facade with the installation of thermal pane glass windows, an upgraded lobby and storefront, repointed masonry, a revamped central plant and modernized elevators.
In June 2017, the Insurance Journal reported USI had purchased Wells Fargo Insurance Services USA, which will be part of the business operations at the Madison Avenue location.
Cushman & Wakefield managing directors, David Itzkowitz and Jack Keesser, represented USI Insurance in the transaction.