The rarest sighting on this bleak office-leasing season is a deal for more room than a big space rug would cowl.
But right here’s a considerable one: public relations agency Joele Frank is taking 78,353 sq. toes at Milstein’s 22 Vanderbilt, aka 335 Madison Ave.
Joele Frank, which makes a speciality of strategic company illustration, will go away 50,000 sq. toes at Charles S. Cohen’s 622 Third Ave. by yr’s finish.
The new lease is for 16 years with an asking hire of $95 a sq. foot.
The rose-colored marble tower at Madison and East forty third Street is wrapping up a years-long, under-the-radar repositioning spearheaded by Michael Milstein, son of Milstein Properties founder Howard Milstein.
The quarter-billion-dollar undertaking features a new, public-friendly foyer with eatery choices — not a “food court” — below the general title of Melangerie, overseen by achieved New York chef Graceanne Jordan; a richly appointed bar/lounge referred to as Bergamo’s; and almost 80,000 sq. toes of tenants’ facilities together with convention and wellness facilities.
I had fantastic, hearty matzo ball soup (referred to as “Schmaltz”) and tangy soba noodle salad at Chef’s Counter, the primary of a number of eateries to open within the foyer. More are due later this yr.
“There are obviously not a lot of large deals now,” stated Paul Amrich, chief of the CBRE group that represented Milstein.
After a year-long seek for a brand new house, he stated, “The entire Joele Frank partnership fell in love with 22 Vanderbilt.”
The 27-story, 1.19 million square-foot tower is 68% leased. It has two giant availabilities proper now — 300,000 sq. toes within the tower and 120,000 sq. toes within the base.
The Milsteins demolished the previous Biltmore Hotel on the web site within the Eighties and constructed a brand new headquarters for Bank of America, which later moved to One Bryant Park.
The well-known Biltmore foyer clock, which additionally stood for some years within the BofA foyer earlier than disappearing into storage, is to be restored and put in in Bergamo’s.
When the financial institution left, the Milsteins leased the property out on a floor-by-floor foundation, together with to Giorgio Armani’s North American headquarters.
Now they’re touting the constructing, which stands throughout the road from SL Green’s One Vanderbilt, as an integral a part of the fast-revitalizing Grand Central Terminal space.
This week marks a coming-out occasion of kinds for 22 Vanderbilt. It will host a press briefing referred to as “Grand Central Reimagined” at 12:30 p.m. on March 22, the place audio system are to incorporate MTA chairman Janno Lieber and Grand Central Partnership president Fred Cerullo.
CBRE’s Amrich, Neil King, Sacha Zarba, Jeff Fischer, and Meghan Allen represented Milstein. Newmark’s Andrew Sachs and Ben Shapiro repped Joele Frank.
nypost.com
