PR firm Joele Frank is giving up space at 22 Vanderbilt, also known as 335 Madison
The rarest sighting this dismal office rental season is a deal for more space than a full rug could cover.
But here’s a notable one: PR firm Joele Frank takes 800,000 square feet at Milstein’s 22 Vanderbilt, aka 335 Madison Ave.
Joele Frank, who specializes in strategic corporate advocacy, will be leaving 50,000 square feet at Charles S. Cohen’s 622 Third Avenue by the end of the year.
The new lease has a term of 16 years with an asking rent of $95 per square foot.
The pink marble tower at Madison and East 43rd Street completes a years-long under-the-radar repositioning spearheaded by Michael Milstein, son of Milstein Properties founder Howard Milstein.
The quarter-billion-dollar project includes a new public-facing dining lobby—no “food court”—collectively Melangerie, led by veteran New York City chef Graceanne Jordan; a lavish bar/lounge called Bergamo’s; and nearly 80,000 square feet of rental facilities including conference and wellness centers.
At Chef’s Counter, the first of several places to open in the lobby, I had a wonderful, hearty matzo ball soup (called “Schmaltz”) and a flavorful soba noodle salad. More are due later this year.
“There’s obviously not a lot of big deals going on now,” said Paul Amrich, head of the CBRE team representing Milstein.
After a year-long search for a new home, he said, “The entire partnership with Joele Frank fell in love with 22 Vanderbilt.”
The 27-story, 1.19 million square foot tower is 68% occupied. It currently has two major availabilities – 300,000 square feet in the tower and 120,000 square feet in the base.
The Milsteins demolished the former Biltmore Hotel on the site in the 1980s and built a new headquarters for Bank of America, which later moved to One Bryant Park.
The famous Biltmore lobby clock, which also stood in the BofA lobby for a few years before disappearing into storage, is to be restored and installed in Bergamo.
When the bank went, the Milsteins rented the property floor by floor, including to Giorgio Armani’s North American headquarters.
Now they’re promoting the building, which faces SL Green’s One Vanderbilt, as an integral part of the rapidly revitalizing Grand Central Terminal area.
This week marks a coming-out party of sorts for 22 Vanderbilt. It will host a press conference entitled “Grand Central Reimagined” on March 22 at 12:30 p.m., where speakers will include MTA Chairman Janno Lieber and Grand Central Partnership President Fred Cerullo.
CBRE’s Amrich, Neil King, Sacha Zarba, Jeff Fischer and Meghan Allen represented Milstein. Newmark’s Andrew Sachs and Ben Shapiro represented Joele Frank.
https://nypost.com/2023/03/19/pr-firm-joele-frank-scoops-up-space-at-22-vanderbilt-aka-335-madison/ PR firm Joele Frank is giving up space at 22 Vanderbilt, also known as 335 Madison