GFP Real Estaterelocation north of 515 Madison Avenue has sentimental roots.
Jeff Guralthe real estate company has moved its offices from SL Green Realty Corp.‘s 125, avenue du Parc To 12,500 square feet in the Madison Avenue building that he manages and partially owns, Commercial Observer has learned. Relocation is more than a lifetime in the making, said Gural, whose father started out renting out the property where GFP’s new offices are based.
The company has secured a 10-year lease for the 42-story office tower, known as the DuMont building, between 53rd and 54th streets east. Gural – who owns an interest in the building through a limited liability company – did not use a broker in the direct transaction.
“My dad always dreamed of the company being at 515 Madison,” Gural, president of GFP, told the CO. “This building was a special place for him.”
GFP has moved from its former offices to the 26-story, 655,000-square-foot property between East 41st and East 42nd near Grand Central Terminal both because his lease was over and because Gural saw an opportunity to move into a tower block in which his company has a financial and historical interest.
Founded in 1952, the Gural company owns and manages more than 55 buildings and 12.8 million square feet in New York. When GFP Real Estate was part of Newmark, Gural said his father started renting 515 Madison – owning it himself – and always wanted Newmark to move his offices into the property, even though the real estate and brokerage firm was based on the West Side.
Gural, who has now been involved in the ownership and development of commercial real estate in New York City for a half a century itself, is delighted to make this dream come true, he said.
“I thought that when we had an opportunity and our lease came to 125% [Park Avenue] that it would make sense if we finally moved into the building my father wanted us to move into all his life, ”said Gural.
The developer moved into space last week, replacing Access the luxury lifestyle and A plus-capital, although the construction of the GFP office is not complete, Gural said. His business joins other tenants, including Manhattan orthopedic care, Madison Dental Group and coworking company Jay Suites, which occupies 50,000 square feet on the 8th, 9th and 10th floors.
Celia Young can be reached at [email protected].