Dahesh Museum to move to 590 Madison Ave

Real Estate Weekly, Oct 9, 2002

The leasing team of Faith Hope Consolo, vice chairman, and Joseph A. Aquino, managing director of Garrick-Aug Worldwide, Ltd. along with Lois A. Zambo, executive vice president of Julien J. Studley, Inc., have leased the pre-eminent Southwest corner of 57th Street/590 Madison Ave. in the superlative IBM Building at the crossroads of luxury retailing.

The 30,000-SF retail space on three-levels will be the new home of the Dahesh Museum. The space has its very own address, independent of the corporate building: 580 Madison Ave. The long term lease is for the space previously occupied by the Freedom Forum.

"This is an extraordinary thoroughfare," explains Consolo, "lined with shops and stores that offer the fabulous merchandise that comes to mind when one says, 'I bought this in New York.' 580 Madison is across the street from Burberrys, Chanel, Jil Sander, Christian Dior, and Prada, also next store to Tourneau, and down the street from Tiffany&Co. To be a merchant here means prestige and success."

"That is why Madison Avenue is called the Golden Mile. Retail space like this is at a premium and was sought after by several world class retailers, well-known designers, and European spas."

"It is also the perfect location for a museum: When the building opened in the early 80's, a large portion of the space, which will be occupied by the Dahesh Museum, was originally the IBM Gallery. The museum, whose previous setting was way too small, will have enough space to exhibit all of its wonderful collection. It will be where it belongs, on one of the most exciting corners in the most exciting city in the world"

The Garrick-Aug/Studley team represented the Freedom Forum exclusively in this transaction.