Archdiocese Of New York Signs 30-Year Lease For Office Space On Madison Ave

The property located at 488 Madison Avenue is an office asset situated in the Midtown Manhattan market, comprising a significant square footage of 142,308. The asking rent for this property is set at $82.89 per square foot, and the lease agreement has a term of 30 years.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $82.89/ft
• Address: 488 Madison Avenue
• Market: Midtown Manhattan
• Landlord: Andrew Wiener - Feil Organization
• Tenant: Archdiocese of New York
• Brokers: Lauren Crowley Corrinet & Mary Ann Tighe - CBRE
• Lease Term: 30 years
• Square Footage: 142,308

The Archdiocese of New York is consolidating several administrative offices in New York City, which has led to the signing of the long-term lease for the space at 488 Madison Avenue, marking a strategic move for their organizational needs.