Investment advisor Axonic Capital has found a new home in the Plaza District in Midtown Manhattan. With the help of Cushman & Wakefield, Axonic signed a lease for approximately 16,200 square feet of space at 520 Madison Ave., a 1 million-square-foot office tower owned by Tishman Speyer.
Cushman & Wakefield scoured multiple Manhattan neighborhoods to find the right space in the right place. The long-term lease with Tishman paves the way for Axonic to relocate from its current location at 390 Park Ave. to the 43-story 520 Madison, where it will have the 42nd floor all to itself.
“Ultimately, this location allowed Axonic to increase their footprint by 60 percent while meeting all of the desired operational objectives.” Jonathan Luttwak, director with Cushman & Wakefield, said in a prepared statement. Like Axonic founder Clayton DeGiacinto, Luttwak is a veteran of the U.S. Army. He continued, “At 520 Madison, Axonic Capital will have an entire floor, increased natural light, great views, and a quality landlord that supported a lease structure that met the tenant’s real estate needs.”
The Manhattan office market is faring quite well. New leasing activity reached a record high in the third quarter of 2018 and the momentum continued in the fourth quarter, when a 6.8 percent increase in activity led to an all-time high of 10.2 million square feet in new leases, according to a report by Cushman & Wakefield. Notable transactions in the fourth quarter included cycling equipment and technology company Peleton’s lease of 312,000 square feet at the redeveloped Hudson Commons building at 441 Ninth Ave. on Manhattan’s Far West Side. Millennium Management committed to 300,000 square feet of space at 399 Park Avenue in Midtown.
“The current office leasing market in Manhattan is extremely robust. Activity continues to be strong in virtually every size range,” Luttwak told Commercial Property Executive. “In my view, the uptick in activity is due to generally strong business confidence. Broadly speaking, my clients are confident in their business growth, are generally hiring or expanding, and see the value and are willing to commit to being in New York City for the long term.”
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