The World Gold Council, the market development organization for the world’s gold industry and the global voice of authority on gold, has signed a 10-year, 11,500-square-foot lease to relocate to 510 Madison Avenue, more than doubling the size of its New York City headquarters.
The World Gold Council will be moving from 4,948 square feet at 424 Madison to occupy the entire ninth floor of the recently developed building at 510 Madison Avenue in Midtown Manhattan.
“This is a critical move for the World Gold Council,” said Zev Holzman, managing director of international commercial real estate services firm Studley. “In recent years, the WGC has chartered new territory into the investment sector and now runs the second-largest ETF in the world in the form of SPDR Gold Shares, which has a market cap of over $59 billion. Their new home at 510 Madison will help shape their corporate image not only as an advocate for the gold industry but as a leader in the global investment community as well.”
510 Madison Avenue is a 30-story, 347,000-square-foot, Class A office building owned and managed by Boston Properties. Other tenants who have recently signed-on to the new development include SAC Capital, who have leased five floors in the base of the building, as well as Jay Goldman, Senator Investments, Chieftain Capital, Valinor Management and Africa Global Communications.
Mr. Holzman also added that with the help of a contribution package from the landlord, The World Gold Council will build out the space to mirror its London headquarters, designed by British architect Peldon Rose. Simultaneous to the closing of the 510 Madison transaction, The WGC has subleased its current home at 424 Madison Avenue to Rifkin & Lubcher, a New York City based accounting firm, who will take possession of that space upon the WGC’s relocation later in the summer.
In addition to Mr. Holzman, Studley’s Executive Managing Director Paul Revson represented the tenant in the transaction. The landlord, Boston Properties, was represented by Paul Amrich and Fernando Urrutia of CB Richard Ellis as well as Adam Frazier of Boston Properties.
The World Gold Council’s legal counsel was Christine M. Murphy, Esq. of Katten Muchin Rosenman, LLP. Boston Properties was represented by John Sym, Esq. of Sym Real Estate Law, LLC.
The World Gold Council is based in the United Kingdom with operations in India, the Far East, Turkey, Europe and the United States.