NASCAR is on the move, to new and more expensive office digs.
The company behind such high-speed spectacles as the Daytona 500, the National Association for Stock Car Auto Racing is moving its headquarters to 590 Madison Avenue in Midtown, leasing 14,000 square feet of space.
The association currently makes its home nearby at the Park Avenue Tower at 65 East 55th Street. NASCAR rents about 19,500 square feet of space there, paying around $90 per square foot. Asking rent at the organization’s new space was about $150 per square foot.
JLL’s Patrick Heeg represented NASCAR in the deal. Jeff Sussman of Minskoff Equities represented 590 Madison’s owners, the State Teachers Retirement System of Ohio.
Ohio STRS was in talks earlier this year to sell a minority stake in the building to Brazil’s Safra family, but the deal ultimately fell through. [Crain’s] – Ariel Stulberg
Categories: The Real Deal