Beam Suntory Signs 100,000 SF Lease Deal at 11 Madison Ave.
Real Estate In-Depth | January 27, 2021
NEW YORK—SL Green Realty Corp. reported today that Beam Suntory, a world leader in premium spirits, has signed a 99,556-square-foot lease at 11 Madison Ave. for its global headquarters.
The 15-year lease covers the entire 12th floor and brings the 2.2-million-square-foot building’s occupancy to 100%. Beam Suntory is relocating its global headquarters from Merchandise Mart in Chicago to the Flatiron District in Manhattan.
“We’re delighted to welcome Beam Suntory to 11 Madison Avenue,” said Steven Durels, executive vice president and director of leasing and real property at SL Green. “11 Madison has long enjoyed great popularity due to its large floor plates, beautiful architecture and spectacular location across from Madison Square Park.”
11 Madison Ave. will serve as Beam Suntory’s global headquarters, as well as a key global office for Beam Suntory’s parent company, Suntory Holdings. Beam Suntory expects to open the office at 11 Madison next year following design and construction of the space.
“As one of the world’s greatest global cities, New York provides a stimulating setting to accelerate our premiumization strategy and growth ambitions. We see excellent opportunities to immerse our company and global brand building efforts more deeply in New York’s vibrant restaurant, bar and consumer environment, what we call the Gemba,” said Albert Baladi, president and CEO of Beam Suntory. “11 Madison is a perfect fit for us.”
Other building tenants include Credit Suisse, SONY Corporation of America and WME IMG.
The former Metropolitan Life North Building, 11 Madison Ave. was designed by Harvey Wiley Corbett and Dan Everett Wade in 1928 and was finished in 1950. The building was conceived as a 100-story spire that would have been the tallest in the world. The Great Depression put a stop to the original plan and the building was completed with 30 floors.
David Kleinhandler, James Whalen, Maura Flanagan and Joe Cybulski of CBRE represented the tenant. Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski of Newmark Knight Frank represented the landlord in this transaction.
SL Green Realty, as of Sept. 30, 2020, held interests in 93 buildings totaling 40.6 million square feet. This included ownership interests in 29.2 million square feet of Manhattan buildings and 10.3 million square feet securing debt and preferred equity investments.