Latest News Article
The Sapir Organization Signs 98,175 sq. ft. Lease at 11 Madison Avenue For Global Headquarters of WPP's Enfatico
Newly Built Integrated Marketing Services Firm Expected to Take Occupancy in Fall 2008
New York - The Sapir Organization today announced that WPP's Enfatico (www.enfatico.com), the global marketing services firm being built from the ground up with Dell Inc. as its first client, has signed a 98,175 square foot lease at 11 Madison Avenue to serve as the firm's worldwide headquarters.
" It is wonderful that a new leader in marketing communications, an agency that will be at the forefront of its industry, has selected historic, iconic 11 Madison Avenue. It is only fitting for one of the most hotly anticipated companies to be in one of New York City's most prestigious properties," said Alex Sapir, president of The Sapir Organization.
Enfatico's 98,175 square foot lease is for 10 years and six months and maintains occupancy at 11 Madison Avenue at 100%. Rents at 11 Madison Avenue have been averaging $75 a square foot. The Sapir Organization is represented by CB Richard Ellis' team of Howard Fiddle, Brad Gerla and Stephen Siegel. 11 Madison Avenue, under ownership by the Sapir Organization since 2003, is one of the most technologically advanced buildings in Manhattan containing over 2.2 million rentable square feet that successfully integrates 1930s art deco design with 21st century technology.
"Enfatico chose 11 Madison Avenue for its new offices because of its prime location and unparalleled beauty and grandeur that are paired with state-of-the-art amenities and technologies," explained Gregory Tosko, CB Richard Ellis, representing agent for Enfatico. The building is one of the most in demand offices in Manhattan due to its modern building systems, large floorplates, high ceiling heights on the lower levels, elegantly appointed main lobby, amenity-rich location and attractive market rents.
In December 2007, Dell consolidated its global marketing from over 800 firms into one centralized, integrated global agency - Enfatico.
CB Richard Ellis (CBRE) is the appointed exclusive leasing agent for this 28-story building, which was built in three phases between 1932 and 1950 and was originally developed by MetLife and designed by D. Everett Ward and Harvey Wiley Corbett.
Between 1994 and 1997 the building underwent a complete redevelopment approaching $400 million transforming 11 Madison Avenue from a pre-war corporate headquarters facility to a distinguished, state-of- the-art world headquarters building. Enfatico joins other prominent corporate and communications tenants at 11 Madison Avenue such as Credit Suisse world headquarters occupying 85% of the building; Weight Watchers, Gould Paper and high-end retail tenants Tabla and Eleven Madison Park Restaurant run and operated by preeminent restaurateur Danny Meyer.
About The Sapir Organization
The Sapir Organization is a privately held, New York–based real estate holding and development firm with over 7 million square feet of prime Manhattan commercial office space. Founded by Chairman Tamir Sapir, the company is developing mega new residential and multi-use projects under the leadership of its President Alex Sapir and Vice President Zina Sapir-Rosen. The Sapir Organization owns significant architectural landmarks throughout Manhattan including 11 Madison Avenue, The Duke Semans Mansion, 2 Broadway, 260 Madison Avenue, 261 Madison Avenue, 384 Fifth Avenue, 100 Church Street, and two residential buildings, 50 Murray Street and 53 Park Place. Additionally, the company has expanded its reach with SDS Investments, an investment and development company that funds a wide range of real estate projects including the William Beaver House, a residential condominium currently under construction in the Financial District and the largest assemblage of land in Las Vegas at 110 acres. The Sapir Organization has partnered with Donald J. Trump to develop the Trump SoHo Hotel and Condominium New York, the first five-start luxury hotel condominium under construction in SoHo. Sapir is at the forefront of the revitalization of downtown Manhattan and currently has projects in the U.S. and Mexico in excess of $2 billion.