Enzo Biochem, Inc. Expands Corporate Headquarters at 527 Madison Avenue
Biotechnology Company Leases Entire 11,300-Sq-Ft Ninth Floor at Mitsui Fudosan-Owned Property
New York, NY (April 21, 2010)
Leading life sciences and biotechnology company Enzo Biochem, Inc. has expanded its New York City headquarters by signing a new 11,300-square-foot lease for the entire ninth floor at 527 Madison Avenue.
International commercial real estate services firm Studley’s Greg Taubin, senior managing director, who previously negotiated Enzo Biochem’s leases at 527 Madison beginning in the late 90s, represented the company in this 4,100-square-foot expansion for the balance of the floor coupled with an early lease renewal. He was able to lock in a favorable rental rate commensurate with current market pricing.
“Enzo Biochem wanted to control the balance of the floor while extending its existing lease,” said Mr. Taubin. “Since the company doesn’t need to occupy the space immediately, we secured liberal assignment and sublet rights in the lease, arranging for the existing tenant, Harvest Management, to remain in place and become our subtenant on a short-term sublease.”
According to Mr. Taubin, the transaction achieves Enzo Biochem’s goals of remaining in its headquarters, locking in a favorable rental rate for the next decade, and securing space in which to expand that also has a significant amount of built-in flexibility.
Among other prestigious tenants at the 237,000-square-foot building are Sanders Morris Harris, Inc.; Siemens Corporation; The Sumitomo Trust and Banking Co., Ltd; and W. P. Stewart, Inc.
Jim Frederick and Peter Occhi of Cassidy Turley represented the landlord in the transaction.
About Enzo Biochem, Inc.
Enzo Biochem, a life sciences and biotechnology company, is focused on harnessing genetic processes to develop research tools, diagnostics and therapeutics and provides reference laboratory services to the medical community. Founded in 1976, the company focuses on the development of enabling technologies in the areas of gene regulation and gene modification.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.