NASCAR will be moving to a new location soon! The company is set to change its headquarters' address to 590 Madison Avenue, New York.
The National Association for Stock Car Auto Racing, or NASCAR, is moving its office to a 14,000 square feet space in Midtown, reports the Real Deal. The auto-racing association currently holds office at the Park Avenue Tower located at 65 East 55th Street. The company occupies 19,500 square feet of office space in the Park Avenue building and reportedly pays $90 square foot. NASCAR's new headquarters is a pricier location wherein the office lease is around $150 per square foot.
According to the Crain's New York, NASCAR signed a 10-year lease at the Madison Avenue property, wherein the association is set to occupy a portion of the 40th floor in the 43 story tower. Although the asking rent for NASCAR's new home is nearly 50% higher than the current rent at the Park Avenue Tower, a source revealed that the auto-racing association will eventually save money with the move. The source mentioned that the Madison Avenue office lease is lower than the expected rent increase to be imposed at the Park Avenue Tower. The new rent reportedly will be at $140 if the association had opted to renew its lease at the 65 East 55th Street building.
Jeff Sussman of Minskoff Equities told the Commercial Observer that NASCAR is expected to move into the Madison Avenue office site in early 2016. Minskoff Equities handles the property leasing and management of the Madison Avenue office building. The office building is owned by the pension fund State Teacher's Retirement System of Ohio.
The Commercial Observer also mentioned JLL's Patrick Heeg as the one who represented NASCAR in the transaction, while Sussman represented Minskoff in the lease negotiations. NASCAR will soon be office neighbors with Aspen Insurance, UBS, Morgan Stanley and Bain Capital.
