Forefront Advisory, a New York-based asset management firm founded by Bradley Reifler, has signed a 25,030-square-foot sub sublease with the former Galleon Group for the entire 34th floor at 590 Madison Avenue, more than doubling the size of its New York headquarters.
The firm will be moving from the entire 9,500-square-foot 36th floor at 330 Madison Avenue to the former IBM building located on the corner of 57th and Madison Avenue.
”This transaction enables Forefront to move into high-end, turnkey space that can accommodate the group’s near and long-term growth,” shared David Dusek, senior managing director of international commercial real estate services firm Studley. “Of paramount importance to Forefront was the ability to capitalize on the existing infrastructure left behind by Galleon – saving our client millions of dollars in up-front capital costs.”
“We’ve grown so drastically since our inception just over a year ago that our space at 330 Madison was hindering our ability to operate effectively,” David Wasitowski of Forefront explained. “We create communities of bright portfolio managers and a culture that promotes the sharing of ideas and research within a professional trading environment. We also provide risk management, technology, compliance and operational support. If we don’t have enough space, our community and culture becomes constrained. The new space offers the physical room to grow and better reflects our image to the marketplace and portfolio managers.”
The firm now expects to have 25 portfolio managers on board by year-end.
In addition to Mr. Dusek, Studley Managing Director Brad Wolk represented Forefront in the transaction. Dirk Hrobsky of UGL Equis represented the sub-landlord in the transaction. Attorneys involved in the transaction included Leonard Ritz of Adam Leitman Bailey, P.C. on behalf of Forefront and Mitch Nutterman on behalf of Galleon.
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.