Public relations firm Joele Frank acquired space at 22 Vanderbilt, aka 335 Madison
The rarest sight in this dreary office rental season is a bargain for more space than you can cover with a large area rug.
But here’s the gist: Public relations firm Joele Frank is taking over 78,353 square feet at Milstein’s 22 Vanderbilt, aka 335 Madison Ave.
Joel Frank, who specializes in corporate strategic representation, will leave 50,000 square feet at Charles S. Cohen’s 622 Third Ave. at the end of the year.
New lease for 16 years with asking rent of $95 per square foot.
The rose-colored marble tower rounds out Madison and East 43rd Street Years long, under-the-radar repositioning Led by Michael Milstein, son of Milstein Properties founder Howard Milstein.
The quarter-billion-dollar project includes a new public-friendly atrium with restaurant options—not a “food court”—under the generic name of Melangiere, and overseen by prominent New York chef Gracin Jordan; a richly appointed bar/lounge called Bergamo; and nearly 80,000 square feet of amenities for tenants including conference and wellness centers.
I had the wonderful matzo ball soup (called “Schmaltz”) and the refreshing soba noodle salad at Chef’s Counter, the first of many restaurants that have opened in the concourse. More due later this year.
“Obviously there aren’t a lot of big deals out there right now,” said Paul Amrich, the CBRE team leader who represented Milstein.
After a full year of searching for a new home, he said, “The entire Joele Frank partnership fell in love with 22 Vanderbilt.”
The 27-story, 1.19 million square foot tower is 68% leased. It has two large museums at the moment – 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 for a few years in the BofA’s foyer before disappearing into storage, will be restored in Bergamo.
When he left the bank, the Milsteins rented out the property on a floor-by-floor basis, including Giorgio Armani’s North American headquarters.
Now they’re touting the building, which stands across the street from SL Green’s One Vanderbilt, as an integral part of the rapidly revitalizing Grand Central Terminal district.
This week marks sort of an upcoming gig for 22 Vanderbilt. She will host a press conference, “Grand Central Reimagined,” at 12:30 p.m. on March 22, where speakers are scheduled to include MTA President Jano Leber and Grand Central Partnership President Fred Cerullo.
Amrich, Neil King, Sasha Zarpa, Jeff Fisher, and CBRE’s Megan Allen represented Milstein. Newmark’s Andrew Sachs and Ben Shapiro portray Joel Frank.
