Ring Concierge Expands Office Space At 488 Madison Avenue In Midtown Manhattan With 10-Year Lease

The asset involved in this transaction is an office space located at 488 Madison Avenue in Midtown Manhattan, comprising 17,570 square feet. Ring Concierge has entered into a new lease agreement with a rental rate of $65 per square foot, which reflects the asking rent and represents a significant expansion from their previous space. This transaction marks the brand's continued growth since their inception in the building in 2021.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $1,145,050 (calculated as $65/ft x 17,570 SF)
• Lease Term: 10-year lease
• Landlord: Feil Organization
• Tenant: Nicole Wegman - Ring Concierge
• Landlord's Representative: Andrew Wiener & Timothy D. Parlante - The Feil Organization
• Tenant's Representative: Alexander D’Amario, Joel Stephen, Mary Ann Tighe & Preston Cannon - CBRE

This transaction involved several key individuals and companies. The lease deal for Ring Concierge was brokered by the CBRE team, which includes Alexander D’Amario, Joel Stephen, Mary Ann Tighe, and Preston Cannon. The landlord, represented by Andrew Wiener and Timothy D. Parlante, is the Feil Organization. This collaboration illustrates the professional engagement from both sides in securing this expanded office space.