Blackstone-backed information technology service provider Mphasis has more than doubled its office accommodation at the 41 Madison Avenue tower in New York City. Through the latest agreement, the company is adding 14,151 square feet to reach a total of 27,709 square feet. The transaction also includes a ten-year extension of the existing lease with landlord Rudin.
Headquartered in Bengaluru, India, Mphasis will occupy the entire 36th floor of the building while retaining its current space on the 35th floor. The 42-storey office building comprises around 560,000 square feet and is situated in the Flatiron District north-east of Madison Square Park, between East 25th and East 26th Street.
Long-term commitment to Midtown South
Asking rents were not disclosed. According to data from real estate services firm Colliers, the average for Class A office space in Midtown South stood at $98.01 per square foot in the third quarter of 2026. Landlord Rudin was represented in-house by Robert Steinman and Craig Panzirer, whilst William Iacovelli and Patrick Moroney of CBRE led negotiations on behalf of the tenant.
CBRE broker Iacovelli explained that the priority for Mphasis was to remain at 41 Madison Avenue. The 36th floor directly above their existing offices becoming available provided an ideal opportunity to accommodate the company's further growth. A patient, structured approach enabled the tenant to establish a cohesive and operationally efficient working environment across two contiguous floors.
Mphasis has been based at the address since April 2021. At the time, the firm relocated from 460 Park Avenue South by taking a 13,558-square-foot sublease from Mission Capital Advisors. Asking rents at that point were in the mid-$70s per square foot.
Sustained leasing activity in the office tower
Rudin's office property has recently seen steady demand from prominent companies across the finance and technology sectors. Alongside the expansion by Mphasis, several other transactions have been completed in the building:
- —Digital financial services firm Zip secured a lease for an entire floor.
- —Investment bank BrightTower also leased a full floor within the building.
- —Financial services company Polar Asset Management Partners expanded its leased space by 13,357 square feet.
