The Sapir Organization Leases 25,000 Square Feet To Canon As Direct Tenant

NEW YORK, Oct. 4, 2018 /PRNewswire/ -- CANON BUSINESS PROCESS SERVICES, INC. a subsidiary of CANON U.S.A., Inc., signed a new lease for approximately 6 years with a 5-year renewal option at The Sapir Organization's property, 261 Madison Avenue. It will occupy 24,408 square feet of the building's entire third floor. Canon had previously sublet the floor from Radio Networks LLC and elected to stay at the The Sapir Organization's building following Radio Networks' Chapter 11 reorganization plan.

"We are excited to welcome Canon into 261 Madison as direct tenant. The lease is a validation of our ongoing, hands-on attention and commitment to this property and to our tenants," said Alex Sapir, CEO of The Sapir Organization. "We are extremely pleased to have been busy with new leases, expansions and renewals at both 261 and 260 Madison. In total we have leased 188,000 square feet in the past year."

An October 3, 2018 New York Post article observed: "Alex Sapir, chief executive of The Sapir Organization, said the firm is creating several full-floor pre-builts within the 383,934-square-foot building. For instance, the 14th floor of 14,205 square feet was designed by ICrave and has an asking rent of $69 per square foot. Already, a full 11th floor pre-built designed by Gensler was recently leased by Allergan."

"Tenants want a turnkey solution and we are a landlord that can deliver that," he said. "It's the way the world is moving in many respects. The [tenants] don't want to spend the time to go through the design and construction process."

261 Madison Avenue is situated on one block between 38th and 39th Streets, near Bryant Park and Grand Central Terminal. Built in 1954 and encompassing 383,934 square feet, the Class A building spans 28 floors. Tenants at the building include Allergan USA, the flexible-office company Knotel, Signature Bank and the Japanese hot spot Zuma restaurant.

260 Madison Avenue was built in 1952 and is also located between 38th and 39th Streets. A Class A building, it is 22 stories high and has 568,000 square feet. Tenants include AKAM Associates Inc and  The Solomon Page Group, LLC, among others. CBRE led by Peter Turchin represents both properties.

SOURCE The Sapir Organization

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