Savvy landlords of older Midtown buildings work closely with valued tenants to keep them on board.
The Sapir Organization plans to extensively renovate floors 15 to 22 at 260 Madison Ave., home to law firm McLaughlin & Stern — which just renewed on 112,000 square feet.
Rents in the tower are in the low-to-mid $60s per square foot. The law firm has been at the address since 1996, one year before Sapir bought the building.
The 550,000-square-foot building is 100 percent occupied.
Sapir affiliate SFM Construction will handle upgrades to the law firm’s offices, common areas, bathrooms, elevator landings and lighting.
Sapir Chief Operating Officer Husein Sonara said his team worked with McLaughlin & Stern “to craft a plan for its headquarters that was not only built to suit, but that allowed the firm to continue its day-to-day work in place.”
Sonara led an in-house team negotiating the renewal. Avison Young’s Arthur Mirante and Mike Gottlieb repped the tenant.