Canon has signed a direct lease with the Sapir Organization for an entire floor at 261 Madison Ave. The photography giant had previously been a subtenant of a company that went bankrupt.
The 24,408-square-foot third floor was officially leased by Canon USA subsidiary Canon Business Process Services. The six-year deal has a five-year option and an asking rent of $69 per square foot.
The 28-story white office tower takes up the entire eastern blockfront of Madison Avenue between East 38th and East 39th streets.
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.
As Sapir owns both 261 and 260 Madison across the street, he has signed more than 180,000 square feet of leases over the last year. “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.”
CBRE vice chairman Peter Turchin is leading the building’s leasing team, which includes Jared London, Tim Freydberg, Gregg Rothkin and Brett Shannon.
