Associate, Savills Studley
New York State Licensed Real Estate Salesperson
When privately owned real estate investment and advisory firm, Vanbarton Group, purchased 292 Madison Avenue from the Marciano brothers for $180 million, it was understood that the asset needed major improvements before any successful leasing occurred. When completed (likely in Q4 2018), the 203,000 square foot building will feature a modernized lobby with white stone walls, revitalized marble flooring and bronzed glass on the walls and ceiling of the corridor leading to the elevators. In 2017, renovations to the building systems began, followed by upgrades to the canopy, entrance and facade. 292 Madison Avenue is one of the most convenient locations just a block away from Grand Central Terminal. In my opinion, the best creative furnished sublease just hit the market here 2 weeks ago.
Pitney Bowes, global technology company, is offering the entire 3rd floor, which measures 11,113 rentable square feet. It is a recently built high-end creative installation with polished concrete floors, full glass fronts, exposed brick and floor-to-ceiling arched windows. The layout features a double glass door entryway with a well-appointed reception area, 5 offices, 3 conference rooms, 2 breakout rooms, a 16 person board room, bench seating for more than 75 employees and a large open pantry. This is an awesome opportunity for a tech, advertising, media or creative firm to occupy an entire floor. Available for occupancy in July, the sublease term extends through October 2025. The furniture is like-new and can be made available for an incoming subtenant’s use.
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