In a move that demonstrates the continuing attraction of trophy office space to companies in the financial services sector, LH Financial, an investment firm, has signed a 10-year, 6,553 square-foot lease at 510 Madison Avenue. The newly completed 30-story office building, located on the west side of Madison Avenue at East 53rd Street, is owned by Boston Properties.
LH Financial, which currently occupies a commercial co-op at 150 Central Park South, will relocate to a portion of the 14th floor at 510 Madison Avenue. It is expected to move into its new offices this summer.
, Assistant Director, and Evan Margolin
, Senior Managing Director of international commercial real estate services firm Studley, represented LH Financial in the long-term leasing transaction. The landlord was represented by CBRE and the Boston Properties in-house leasing team of Adam Frazier and Daniel Birney. Asking rents at 510 Madison start at around $100 per square foot.
According to Leighton, who focuses on representing boutique financial tenants, LH was accustomed to occupying “extremely high-end office space directly on Central Park. Accordingly, our challenge was to find a building that offered the same luxurious finishes, amenities and accessibility that they were used to,” he stated. “After seeing all of the most coveted spaces and buildings in the city, the principals at LH Financial decided that 510 Madison was ideal for their corporate offices.”
Originally developed by Harry Macklowe as a hub for hedge funds and boutique financial services companies, the 355,598-square-foot class A office building features a high-end 7,000-square-foot executive fitness center, a 50-foot lap pool, floor-to-ceiling windows, extra high-ceilings and a 6,500-square-foot garden terrace with sweeping skyline views. Other prominent tenants in the building include SAC Capital, Valinor Management, Senator Investment Group, Chieftain Capital, Thiam & Co., CITIC Securities, Fore Research and Management, KLR Group and Tourneau/Rolex.