NASCAR opens Madison Ave. office
The National Association for Stock Car Auto Racing, which sanctions major races such as the Daytona 500 around the country and internationally, is moving to a new office with Central Park views. NASCAR leased space at 590 Madison Ave., taking a portion of the 43-story tower’s 40th floor. The organization signed a 10-year lease for 14,077 square feet. Asking rent was $150 per square foot—about 50% more than NASCAR's current rent, but less than the rent it was facing at its current digs. A source said NASCAR will be paying $140 a square foot for its space.
The association is relocating from nearby Park Avenue Tower, at 65 E. 55th St. It had about 19,500 square feet at Park Avenue Tower and was paying rents of about $90 per square foot on a lease signed when midtown rents were lower than they are today. A source said the rent at its new Madison Avenue office is far less than what NASCAR would have had to pay if it renewed its lease at 65 E. 55th St.
Patrick Heeg, a broker at JLL, represented NASCAR in the deal. The State Teachers Retirement System of Ohio owns 590 Madison Ave. Ohio STRS was represented by Jeff Sussman, an executive at Minskoff Equities, the real estate firm that the Ohio pension fund uses to lease and manage the East 64th Street property.