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Category ArchiveMitchell Silberberg & Knupp

Wells Fargo Renews Flagship Branch Lease in Midtown East

Wells Fargo has renewed its lease for its long-time flagship location at 437 Madison Avenue, Commercial Observer can first report.

The bank signed a five-year renewal for its 7,206-square-foot space at the William Kaufman Organization building, which spans the blockfront between East 49th and East 50th Streets. The lease includes 4,328 square feet of retail space on the ground floor and 2,878 square feet for offices on the lower level. The asking rent was $500 per square foot for the ground-floor space, a WKO press release indicates.

Wells Fargo has been a tenant in the 40-story, 850,000-square-foot building since 2003.

Michael Lenchner of Sage Realty Corporation, the leasing and management division of WKO, represented the landlord in the deal. In a prepared statement, Lenchner touted the building’s “visibility, high foot traffic and the convenience of being in close proximity to Rockefeller Center and Grand Central Terminal.” CBRE’s Annette Healey represented Wells Fargo. A CBRE spokeswoman said the broker declined to comment.

In 2016, Sage Realty completed a $60 million building-wide redevelopment of the property, which includes a redesigned lobby and arcade area, a new plaza, renovated elevators, upgraded building systems and a 15th-floor “sky lounge” with outdoor conference rooms and sunrise yoga classes.

WKO owns the building with Travelers Companies (the former developed the property and Travelers has been a partner since 1994). Tenants include Mitchell Silberberg & Knupp, which signed a lease for more than 18,500 square feet last month, as well as Citizens Bank, Omnicom Group, Medallion Financial, Kekst and Company and Carnegie Corporation of New York.

Source: commercial

Entertainment Law Firm Mitchell Silberberg Moving Within Midtown East

Mitchell Silberberg & Knupp, a Los Angeles-based law firm, has signed an 18,650-square-foot deal at William Kaufman Organization’s 437 Madison Avenue to relocate its offices, according to the landlord.  

The law practice, which was founded in 1908, will occupy the entire 25th floor of the  40-story, 850,000-square-foot building between East 49th and East 50th Streets.  

The firm is mostly known for its ties to the entertainment industry and includes areas of focus such as digital media, intellectual property, corporate law and immigration, according to its website and is currently located nearby at 12 East 49th Street (also known as Tower 49) between Fifth and Madison Avenues. Mitchell Silberberg will move in August; the length of the deal is for 15 years, and asking rents in the building range between $82 per square foot and $110 per square foot.

Besides it’s Los Angeles and New York City digs, Mitchell Silberberg also has an office in Washington D.C.

The deal highlights “the special position that our property is in and reflects the ongoing resurgence of Midtown East,” Michael Lenchner, a vice president at Sage Realty Corporation—the leasing and management division of William Kaufman—said in prepared remarks.

Lenchner worked on the transaction for the landlord in-house alongside JLL’s Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster. Jared Freede of CBRE, who handled the deal for Mitchell Silberberg, did not immediately return a request seeking comment.

The New York Post first reported news of the transaction.

Source: commercial