Two floors leased at 555 Madison

Real Estate Weekly, Feb 9, 1994

As work began on a major capital improvement program at 555 Madison Avenue, leases for two full floors were signed by current tenants. Despite the inconvenience of construction crews stripping the lobby to its bearing walls, the Bernard Hodes advertising agency, which has occupied over 33,600 square feet in the building, has taken the entire 21st floor as an expansion space.

In addition, Leader & Berkon, a law firm, which had occupied a full tower floor as a sub-tenant, has signed a new direct lease.

The Pyne Companies Ltd., managing and leasing consultants, handled both transactions and is supervising and coordinating all facets of the up- grading program, which is expected to be completed by March 1994.

Percy R. Pyne IV said "These leases are particularly significant. Our renovations are designed to restore the building to its rightful stature in this prime office neighborhood. While we expect to attract institutional anti corporate tenants to our larger floors based on the quality of the building and its superlative location, it is especially gratifying when tenants who have been with us demonstrate their satisfaction and confidence by expanding and renewing their commitments."

The capital improvement program includes complete lobby re-configuration and resurfacing with limestone from France and Swedish granite, to appropriately set off a major sculpture that has been commissioned. In addition, a concierge desk will serve as the focal point of tenant service and security systems. An exciting new entrance will provide dramatic street presence. Other building improvements include replacement and upgrading of HVAC equipment, resurfacing of the roof and setbacks, refurbishing elevators, installing a new security system, repairing and replacing windows, and cleaning the curtain wall.