FEIL SIGNS 27,015 SF TO SHAWMUT GROUP AT 488 MADISON AVENUE
New York, NY – Shawmut Design and Construction has just signed a 15-year lease for the entire 10th floor at 488 Madison Avenue, announced The Feil Organization, owner and manager of the iconic Midtown Manhattan office building.
An award-winning, national construction management firm, Shawmut is well recognized for completing complex and logistically challenging projects for some of the most high-profile clients in the commercial real estate industry. The $1.3 billion company will be relocating from its current location at 3 East 54th Street to its new Madison Avenue space in March 2023. A 100% employee-owned company, Shawmut also has offices in Boston, Los Angeles, Miami, Providence, West Palm Beach, and Las Vegas.
“After a competitive search for space in mid-Manhattan, Shawmut chose 488 Madison Avenue because of its central Midtown location, large floorplates, expansion opportunities, and competitive pricing,” said David W. Turino, Director of Commercial Leasing at The Feil Organization. Designed in 1949 by Emery Roth & Sons, the 23-story 488 Madison Avenue landmark tower was once known as the “The Look Building” for the defunct magazine that was its primary tenant until 1971. Located in the heart of Midtown at the 51st/52nd Street blockfront adjacent to St. Patrick’s Cathedral, the 447,000-square-foot building has been recently meticulously renovated with a new lobby, retail façade, elevators, and operable windows and is on the roster of New York City’s richest and most eclectic architecture.
Other office tenants in the building include The Municipal Art Society of NY, TBWA\Chiat\Day, Standard Security Life Insurance Company of NY, and Thomson Coburn Hahn & Hessen LLP, all of which take advantage of the building’s easy access to multiple subway lines as well as Grand Central Terminal. The building also boasts significant ground floor retail tenants that include Bonobos, UNTUCKit, Naya Express, Mephisto, and Indochino.
“We are pleased to welcome Shawmut Group Inc. to our prestigious tenant roster and look forward to their arrival in early 2023,” said Brian Feil, Executive Vice President of Leasing for The Feil Organization. “We continue to see increased activity in our portfolio which is a testament to our hands-on approach to working with tenants to provide attentive service and a high-quality product at a competitive rent.”
CBRE’s Vice Chairman David Hollander and Senior Vice President Jared Freede represented the tenant. Turino represented Feil in-house. Gerald Uram, Esq. of David & Gilbert provided legal counsel to Shawmut; Brian Palumbo provided counsel to Feil in-house.
The Feil Organization is a private, established commercial real estate firm headquartered in New York City. A powerful force in real estate for over 72 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 homes. The Feil Organization also maintains regional offices in Chicago, New Orleans, St. Petersburg, and on Long Island.
Inquiries should be directed to The Feil Organization’s David Turino, Director of Commercial Leasing at 212-609-8658 (email@example.com).