Sotheby’s International Realty

Sotheby s HQ is relocating to 650 Madison Avenue The brokerage will take 38K sf at the building

From left: 38 East 61st Street, Sotheby s CEO Kathy Korte, and 650 Madison Avenue (Cred爱上海

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it: Google Maps, Getty Images, and Vornado)

Sotheby s International Realty is set to m上海龙凤论坛

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ove its headquarters into new digs at 650 Madison Avenue by the end of the year.

The brokerage will take 38,000 square feet across the building s entire second floor, and is about 30 percent larger than its current headquarters at 38 East 61st Street, according to Crain s. Its new space, at the foot of Billionaire s Row, is in addition to two other Manhattan locations, one on the West Side and the other downtown.

The brokerage was represented by Newmark Knight Frank in the deal, while 650 Madison Avenue s landlord Vornado Realty Trust, was represented by an internal team. The value of the lease上海龙凤论坛

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is unknown.

The 27-story building has attracted some high profile deals that provide a window into lease prices within the building. Last year, Women’s fashion designer Celine signed for 5,000 square feet for approximately $7.8 million in an annual rent, which works out to around $1,300 a square foot. Ralph Lauren s global headquarters also occupies the building.

Kathy Korte, Sotheby s president and CEO, said the brokerage had outgrown its current spac新爱上海同城对对碰论坛

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e as it added more brokers to its ranks. She said the expansion was a sign that we re cautiously optimistic that the market is returning.

The firm s parent company is Realogy, which als上海龙凤论坛sh1f

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o owns Century 21, Coldwell Banker and Corcoran Group. [Crain s] — David Jeans


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