By Kevin Sun
McLaughlin & Stern has inked a 112,000-square-foot renewal for its headquarters at the building, which spans floors 15 to 22, the landlord announced. Sapir will begin renovations immediately while allowing the tenant to continue day to day operations. Upgrades include new elevator landings as well as a complete lighting overhaul and new terraces. The New York Post first reported news of the renewal.
"Having been in a Sapir Organization facility in midtown for over two decades, and having the Firm more than quadruple in size over that period, it was only natural for us to further extend our partnership with the Sapir Organization," McLaughlin & Stern managing partner Geoffry Handler said in a statement.
McLaughlin first moved to the property in 1996, and Sapir acquired the building a year later, along with its "sister property" at 261 Madison Avenue.
The 550,000-square-foot 260 Madison, which also counts clothing company HanesBrands and investment sales brokerage Marcus & Millichap among its tenants, is now fully leased. Across the street at 261 Madison, co-working firm Knotel occupies 45,000 square feet across two-and-a-half floors.
Faced with competition from an incoming pipeline of modern office space, landlords in Midtown East are increasingly working with valued tenants to upgrade facilities and keep them in place. Last week, Boston Properties renewed a major law firm tenant of its own at 599 Lexington Avenue, and is planning an renovation that will include "wellness and sustainability elements."