Investment Advisor Värde Partners Relocates to 520 Madison Avenue
By Celia Young September 15, 2021 5:54 pm
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Investment advisor Värde Partners is moving down the block from its current offices at 510 Madison Avenue to the entire 34th floor of 520 Madison Avenue, Commercial Observer has learned.
Värde Partners inked a deal to take 24,411 square feet at 520 Madison, leaving Boston Properties (BXP)’ 30-story 510 Madison early next year, according to tenant broker JLL (JLL). A JLL representative declined to comment on the terms of the deal.
“Current market dynamics make this an ideal time to seek top-quality space in New York City’s leading office towers,” JLL’s Cynthia Wasserberger, who represented Värde Partners in the deal, said in a statement. “520 Madison provides a superior tenant experience, with modern infrastructure and an efficient floorplate.”
Landlord Tishman Speyer is building the floor for Värde Partners with designer Fogarty Finger. The 43-story building, located between East 53rd and East 54th streets, sits in Midtown and was built in 1982, according to PropertyShark.
Värde Partners, which manages more than $15 billion on behalf of its investors, will join other financial tenants in the 1 million-square-foot tower, including Madison Realty Capital, investment firm Davidson Kempner Capital Management and hedge fund Citadel, CO reported.
JLL’s Wasserberger and Georgina Cook handled it for Värde Partners. Tishman Speyer was represented in-house by Megan Sheehan. Sheehan did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
