CBRE Arranges 8,652 Sq. Ft. Office Lease at 575 Madison Avenue

In a transaction arranged by CBRE, Silver Rock Financial L.P., a prominent asset management firm headquartered in Los Angeles, CA, has inked an 8,652-sq.-ft. office lease at 575 Madison Avenue. Silver Rock Financial plans to relocate its New York regional office to the entire 25th floor of the renovated and repositioned office property located at the prime intersection of 57th Street and Madison Avenue and owned by Steinberg & Pokoik Management Corporation. Silver Rock will join Rock Mountain Capital, a private equity firm, which recently completed a lease for a portion of the 8th floor.

CBRE’s David Hollander, Gregg Rothkin, Caroline Merck, Brad Auerbach, Justin Greenstone, and William Hooks are leading the leasing and marketing efforts for the property and represented the ownership in the negotiations. Steven Kaufman of Hanley Advisors represented the tenant.

“575 Madison Avenue is a true gem for those tenants seeking one of the most compelling economic alternatives to be in the highly sought-after Plaza District,” said Mr. Rothkin. “The double-wide streets at 57th and Madison allow for great natural light throughout the entire building and with typical floor plates ranging from approximately 8,000 sq. ft. to 25,000 sq. ft., 575 Madison offers a rare opportunity for full-floor users in a prestigious tower with strong, stable ownership.”

In addition to the prime location, the ownership has repositioned the building with a beautiful new lobby and is completing a state of the art penthouse amenity space that will feature an exclusive tenant lounge, conferencing facilities and a large activated terrace, as well renovated and upgraded elevators. The property currently has two brand new prebuilt units (14,658 sq. ft. and 6,547 sq. ft.) on the 8th floor as part of the new pre-built program being led by TPG architecture. With the demand from tenants for outdoor space, the building features large terraces on five separate floors and offers a rare 215,000 sq. ft. of contiguous space across the 11th through 23rd floors, where ownership will do single floor and smaller divisions across the block.

The owner-occupied 25-story property features prestigious retail tenants Breitling, Vacheron Constantin, Oliver Peoples, First Republic Bank and the soon to be opened new flagship for Tumi, as well a building parking garage just steps away from world class businesses, restaurants, hotels and shopping.