LEED Gold 545 Madison Hits 93 Percent Occupancy with Renewal Expansion

Strike Holdings Group – a financial services firm – recently renewed and doubled its lease at LCOR’s LEED Gold-certified 545 Madison Avenue. With the deal, LCOR has reached 93 percent occupancy at the 17-story, 142,000-square-foot boutique tower, which has seen a flurry of leasing activity over the past year, much of which we’ve covered here at gbNYC as the tower crossed the 50-percent, 70-percent, and 90 percent-leased thresholds, pointing out the success LCOR has had in attracting new tenants over the past 18 months since it stood half vacant (albeit at asking rents in the $70s-$80s per square foot, significantly lower than the triple digit figures that had been discussed before the credit crisis).

LCOR’s deal with Strike Holdings is for ten years and 14,000 square feet. The firm is renewing its 2010 lease for the tower’s entire 15th floor and is also expanding onto the 16th floor. With the deal complete, the only availability remaining at 545 Madison is the full third floor, which is likely also slated for a financial services industry tenant. Indeed, the building itself “caters to financial services firms that are looking for a Plaza district location but don’t want to get lost on a 50,000-square-foot floor,” a Strike representative told the Observer. “It appeals to small firms looking for 6,000- to 9,000-square-foot floor-throughs. The building is like a family.”

Transformed through a Moed de Armas & Shannon-led gut renovation in 2008 from a 50s-era office building, 545 Madison Avenue today features 6000 to 9000-square-foot floorplates, state-of-the-art building systems, and 93 percent of its interior office spaces receiving natural daylight. It was the 27th LEED Gold certification awarded by USGBC here in New York City.

Other notable tenants at 545 Madison Avenue include Cliffwater LLC, BHR Capital, RNK Capital, Siemens Enterprise Communications, and the Home Shopping Network; retail tenants include Alfred Dunhill, Oscar Blandi and Officine Panerai.

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