Feil Signs Standard Security Life Insurance Company of New York to 11,314 SF at 488 Madison Avenue

New York, N.Y. - The Feil Organization has signed Standard Security Life Insurance Company of New York to a 10-year lease at its 488 Madison Avenue landmark building, the company announced. Standard Security Life Insurance Company of New York, which has provided life and disability insurance for close to 65 years, covering nearly 70,000 employers and insuring over 800,000 lives, has taken 11,314 square feet on part of the building’s eighth floor.

A long-time occupant of 485 Madison Avenue, Standard Security Life Insurance Company of New York was looking for a fresh, new installation, located in the same neighborhood. The company also sought large floorplates so it could expand into contiguous space in the future, explained David W. Turino, Director of Commercial Leasing at The Feil Organization. “488 Madison Avenue’s base floors measure over 27,000-square-foot rentable square feet so future growth can be accommodated all on one floor,” Turino said.

“We are very pleased that a tenant of the caliber of Standard Security Life Insurance Company of New York chose 488 Madison for its new home. It is a testament to the building’s central Midtown location, stable, long-term ownership and value-oriented pricing” said Brian Feil, Executive Vice President of Leasing for The Feil Organization. “We offered to deliver Standard Security Life Insurance Company of New York an attractive, custom built office installation overlooking St. Patrick’s Cathedral at a competitive rental rate. It seems value is still appreciated by the Midtown Manhattan business community,” added Turino.

Historically referred to as “The Look Building”, 488 Madison Avenue was built in 1949 for the defunct magazine and comprises 447,000 square feet over 24 stories. Located in the heart of Midtown at the 51st and 52nd Street blockfront, the building received extensive renovations including a new lobby, retail façade, elevators and operable windows. It is easily accessible to restaurants, shopping, hotels and mass transit.

Scott C. Gutnick of Newmark represented the tenant. Turino represented Feil in-house. Lisa H. Gabler Esq. of Gabler & McVeety LLP provided legal counsel to the tenant, with Brian Palumbo providing counsel to Feil in-house. The firm will take possession of the space on September 1.

ABOUT FEIL
The Feil Organization is a private, established commercial real estate firm headquartered in New York City. A powerful force in real estate for over 65 years, the company owns and operates a nationwide portfolio of over 24 million square feet of retail and commercial space, and over 5,000 residential rental units. The Feil Organization also maintains regional offices in Chicago, New Orleans, St. Petersburg, and on Long Island.

Inquiries should be directed to David Turino, Director of Commercial Leasing at 212-609-8658 (dturino@feilorg.com)