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E-Commerce leader sold on the pre-built program at 292 Madison.

The first two floors of an ambitious pre-built program at 292 Madison Avenue have been leased straight from floor plans.

Asset manager Herald Square Properties (HSP) announced that Fifty-one Global E-Commerce, a new tech leader in services that that enables U.S. retailers to transact with consumers in more than 90 countries, has leased the 17,148 s/f space from the plans designed by architecture firm Mufson Partnership.


"It is unusual for full-floor, pre-built packages to be leased at such a preliminary stage," said Gerald Nocera, a founding principal of HSP.

"But it demonstrates our ability to understand what this particular submarket is looking for. We were very careful to design space that reflects more of today's wants--versus yesterday's needs."

William F. Payne, on behalf of building owner Metropolitan 292 Madison Avenue Leasehold, LLC, said, "The rapid response to the pre-builts is a testament to the owners' commitment to the building and HSP's ability to fulfill their intention."

The full-floor offices comprise 11,113 s/f on the 5th floor and 6,035 s/f on the 17th floor. The e-commerce conglomerate is expected to take occupancy of both floors by early spring.

The pre-built floors are highlighted by modern design elements and contemporary layouts. A re-design program has already been completed in the common areas of the 26-story office building.

Plans are also being made to enhance the building's street presence, including renovating the entire ground-level retail along the southwest corner of Madison Avenue and 41st Street. Newmark Knight Frank principal Jeff Roseman is responsible for the leasing of the retail portion of the building.

NKF's William G. Cohen and Ryan Kass are the exclusive agents for the office leasing. "These renovation programs highlight the vision of a well-capitalized ownership that is committed to repositioning an important asset in ways that meet the needs of today's businesses," said Cohen.

"We foresee more technology and new media firms choosing this building in the center of midtown over those less proximate to major transportation."

Wendy Miller, managing director at Cassidy Turley, represented Fifty-one Global in its lease.
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Title Annotation:DEALS & DEALMAKERS
Comment:E-Commerce leader sold on the pre-built program at 292 Madison.(DEALS & DEALMAKERS)
Publication:Real Estate Weekly
Date:Mar 21, 2012
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