Standard Security Life Moves Madison Ave. Offices Upstairs

NEW YORK CITY-Standard Security Life Insurance Co. of New York signed a new 10-year lease at its current Madison Avenue location, moving from a 6th-floor space to reconfigured offices upstairs on the 14th floor. Terms of the transaction were not disclosed but rents in the immediate are reportedly in the $50 to mid-$60 range.

A wholly owned subsidiary of Stamford, CT-based Independence Holding Co., Standard Security Life will move into a full-floor, 12,918-sf space at 485 Madison Ave. The firm has maintained it New York City offices in the 25-story building since the 1970s, currently occupying a full floor with 14,727 sf. Built in 1929, the 274,800-sf office building is located at Madison Ave. and 50th Street.

The move was prompted by the insurance company’s need to reorganize its offices, says Daniel O. Horowitz., senior managing director with commercial real estate firm Julien J. Studley Inc. “They had been in the space for many years and needed slightly less space and needed to configure it more efficiently as their business has changed over the years,” Horowitz tells GlobeSt.com.

Horowitz and Studley assistant director Michael Silver represented Standard Security Life on the deal. Building owner Jack Resnick and Sons was represented in-house by John Pavone.