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Canon Unit Inks Direct Lease at Sapir’s 261 Madison

Canon USA’s Canon Business Services subsidiary has signed a new lease for six years with a five-year renewal option at The Sapir Organization’s 261 Madison Ave. It will occupy 24,408 square feet, representing the entire third floor.

Canon had previously sublet the floor from Radio Networks LLC. It elected to remain at 261 Madison following Radio Networks’ Chapter 11 reorganization.

Sapir Organization CEO Alex Sapir called the lease “a validation of our ongoing, hands-on attention and commitment to this property and to our tenants. We are extremely pleased to have been busy with new leases, expansions and renewals at both 261 and 260 Madison.

“In total, we have leased 188,000 square feet in the past year.” A CBRE team led by Peter Turchin represents ownership at both properties.

Other tenants at the 28-story, 383,934-square-foot 261 Madison include Allergan USA, Knotel, Signature Bank and, on the ground floor, Japanese restaurant Zuma.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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