Alex Sapir, president of The Sapir Organization, which own the property in conjunction with the CIM group has rented more than half a million square feet of prime office space to Sony on a 15-year lease.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at firstname.lastname@example.org.
Tamir and Alex Sapir / Getty
Alex Sapir, President of the Sapir Organization, one of New York’s largest commercial landlords has signed an agreement, in conjunction with their trading partners, the CIM Group to lease 525, 000 square feet of prime office space in the building situated on 11 Madison Avenue to the Sony Corporation of America.
The building on 11 Madison Avenue, is being among the most desirable in Manhattan overlooking the Madison Square Park will now prepare itself to welcome Sony, who will now be occupying the top 10 floors of the art deco design building, with an added bonus of enjoying exclusive access to the rooftop with its breathtaking views of the city skyline from the 30th floor. In addition Sony will be able to enjoy their own private entrance to the building situated on the corner of Madison Avenue and 25th Street.
According to Sony representatives the new office space has been designated not just to become the U.S. base for Sony Corporation, but also the global headquarters of their Sony Music Entertainment and Sony/ATV Music Publishing divisions.
Plans are for Sony to move from the existing U.S. headquarters situated on at 550 Madison to its the only offices by early 2016. Sony famously sold off their property on 550 Madison Avenue during last year to a real estate consortium that was led by The Chetrit Group, banking just over $1.1 billion for the sale.
11 Madison Ave. Photo/ CoStar Group Inc.
Nicole Seligman, President of Sony Corporation of America expressed the company’s excitement about moving their offices to this magnificent building in the heart of one of New York City’s most dynamic and desirable districts. “Our new home will put us right where we belong: among the city’s leading cutting-edge technology and entertainment companies.” Summed up Ms Seligman.
In response Alex Sapir, President of The Sapir Organization stated that Sony’s decision to take such significant floorspace on 11 Madison is a testament to his father’ Tamir’s vision that the building would one day become one of New York’s most distinguished and desired office headquarters. “We are pleased to have Sony join our other long-standing anchor tenant, Credit Suisse, and to have two world-class corporations that have made long-term commitments to the building.” Alex Sapir went on to add.
Avi Shemesh, Principal at CIM expressed his opinion that Sony’s arrival confirms the joint owner’s conviction that the Flatiron District is becoming an increasingly sought-after community for some of the world’s leading corporations, which has now become home to many of New York City’s premier residential towers, as well as some first-class restaurants, shops, cultural and entertainment venues.
The Sapir Organization, founded by Tamir Sapir, is a Manhattan, New York-based real estate Organization, which currently owns and manages approximately 6 million square feet of prime commercial and residential space. Apart from 11 Madison Avenue, the Sapir Organization also owns property on 2 Broadway, Trump Soho Hotel & Condominium, 260 Madison Avenue, 261 Madison Avenue as well as two high-level residential buildings situated at 50 Murray Street and 53 Park Place.
11 Madison Ave.
Tamir Sapir was born in the Tbilisi region of the former Soviet Union. Sapir emigrated to Israel in 1973, arriving in the wake of the Yom Kippur war. Conditions were tough for Sapir and he decided that he would try a life in America. Thanks to a mixture of hard work and a shrewd business brain, Tamir began to prosper in the United States, initially as the electronics retailer then through brokering electronics deals from United States to oil contracts in Russia.
With the money that he earned Sapir began to invest in Manhattan real estate in the early years of the 1990s and has succeeded in becoming a billionaire less than 10 years later.