Cushman & Wakefield Moving To 390 Madison Ave?
L&L Holding Co’s 390 Madison Ave may have found its anchor tenant—and it’s a firm you’ve heard of.
Cushman & Wakefield is in talks to move its NYC office from 1290 Sixth Ave to the Midtown office building the developer is gutting and re-massing in one of the most complicated redevelopment projects in the city’s history.
The brokerage firm has a term sheet out on several lower floors of the original building, previously known as 380 Madison Ave, reports The Real Deal.
Cushman hasn’t ruled out staying put. Asking rents at 390 Madison run between $80/SF and $100/SF. The amount of space being sought isn’t known, but last year, following its merger with DTZ, the firm was reportedly shopping around for a 300k SF global HQ.
That was before it moved its worldwide home base to Chicago (also home to JLL).
Location would tend to favor a move to 390 Madison Ave, as competitors JLL, CBRE and Newmark Grubb Knight Frank each have offices within a couple of blocks of the building, either on Park or Madison avenues.
Speaking of competition, 275 Madison Ave, home to the remnants of Massey Knakal Realty Services, which Cushman acquired last year for $100M, is soon to change hands for a reported $270M.
But JLL brokers are handling the sale, and Newmark Grubb Knight Frank will have the leasing assignment for the building’s office and retail space.
Does it all point toward a new home for the world’s second-largest real estate services firm at 390 Madison? All parties are keeping mum at this point. [TRD]