February 9, 2023 9:00 AM
Newmark announces today it has secured a new 10,593-square-foot lease on behalf of the New York City-based law firm Kudman Trachten Aloe Posner LLP (“KTAP”). The new long-term lease marks the relocation of the firm’s headquarters from Third Avenue, occupying the entire 23rd floor of 488 Madison Avenue in Midtown. Newmark Directors Cooper Weisman and Scott Gutnick represented the tenant, KTAP, on their lease transaction.
“After exhausting all relevant alternatives on the market, we successfully uncovered an off-market opportunity at 488 Madison Avenue. The space allows KTAP to take advantage of full floor efficiencies and an existing office-intensive installation that ownership is significantly upgrading,” said Gutnick. “This transaction represents the firm’s long-term commitment to New York City, and KTAP is looking forward to their new relationship with The Feil Organization,” added Weisman.
“KTAP is delighted to move into 488 Madison Avenue, and it has been a pleasure working with The Feil Organization’s David Turino as well as Newmark’s Cooper Weisman and Scott Gutnick,” said Stuart Kudman of KTAP. “All parties were accommodating and professional, and we look forward to continuing the strong growth of our firm in our new headquarters.”
According to Newmark Research, after setting a three-year high for leasing velocity in Q3 of 2022, Manhattan’s Midtown office market closed in 2022 at 22.2 million square feet. This, in turn, marks the second consecutive year in which Midtown’s activity increased, with a year-over-year improvement of 23.2%. Of that total, approximately 18.3 million square feet, or 87.3%, were in Class A assets.
The Feil Organization’s landmark building, 488 Madison Avenue, is well-located in Manhattan’s bustling Midtown neighborhood. The high-profile building recently underwent a multi-million-dollar capital improvements plan. In addition to offering tenants custom-built installation projects by the landlord and dramatic views of St. Patrick’s Cathedral and the Madison Avenue corridor, tenants have quick access to the surrounding public transportation, retail, hospitality and restaurant amenities. 488 Madison Avenue has attracted best-in-class tenants, which include Standard Security Life Insurance, Shawmut Design & Construction, The Municipal Art Society of NY, Bonobos, UNTUCKit, Indochino and Naya Express.
About Kudman Trachten Aloe Posner LLP
Kudman Trachten Aloe Posner or KTAP is a full-service law firm located in New York City. The firm represents businesses and business owners, investors, government entities, executives, and all manner of professionals in a wide variety of matters, including, mergers & acquisitions, corporate finance and real estate transactions, complex commercial litigation and arbitration, intellectual property, labor, trusts and estates and tax matters, employment law and individual and corporate bankruptcies and restructurings.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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