ARIEL INVESTMENTS LEASES SPACE IN RXR’S 340 MADISON AVENUE
ARIEL INVESTMENTS LEASES SPACE IN
RXR’S 340 MADISON AVENUE
Chicago-based money management firm moving to prime, centrally located midtown location
June X, 2012 – (New York)– RXR Realty (“RXR”), a leading real estate operating and investment company in the New York Tri-State area, has entered into a lease agreement with the money management firm Ariel Investments L.L.C., for space in RXR’s property at 340 Madison Avenue.
Ariel will occupy 6,500-square-feet on the 18th floor of 340 Madison, which is located one block from Grand Central Terminal and occupies the full block front of Madison Avenue between 43rd and 44th streets. Having undergone complete redevelopment in 2006, 340 Madison is distinguished from its competitors as one of the few modern assets among the predominantly older array of office buildings in the Grand Central market.
“Ariel Investments is viewed as one of the top investment management firms in the country and we are very pleased they chose 340 Madison Avenue to house their New York office,” said William Elder, Executive Vice President and Managing Director of RXR’s New York City Division.
“QUOTE,” said Mellody Hobson, president of the Chicago-based Ariel.
340 Madison is owned in a joint venture by RXR, USAA and Broadway Partners. RXR was represented in the deal by Paul Amrich, Howard Fiddle, Craig Reicher, James Ackerson and Christie Harle of CBRE. Ariel was represented by Shawna Menifee of Jones Lang LaSalle.
About RXR Realty
RXR Realty LLC (“RXR”) is a vertically integrated, private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. RXR’s core growth strategy is focused on New York City and the surrounding tri-state area markets. RXR is one of the largest owners, managers, and developers in the New York tri-state area, with interests in approximately $4.7 billion of assets, comprised of 106 operating properties containing approximately 18.0 million square feet. For information about RXR, visit www.rxrrealty.com.
About Ariel Investments, LLC
Since its inception in 1983, Ariel Investments has grown from 2 to 78 employees with $4.4 billion in assets under management. Headquartered in Chicago, the firm serves as the investment adviser to the Ariel Investment Trust, comprised of six no-load mutual funds: Ariel Fund, Ariel Appreciation Fund, Ariel Focus Fund, Ariel Discovery Fund, Ariel International Equity Fund and Ariel Global Equity Fund. Additionally, Ariel manages separate accounts for corporate, public, union and non-profit organizations. For more information about the firm, please visit www.arielinvestments.com.