Mphasis Doubles Its Footprint at Rudin's 41 Madison Avenue
The Blackstone-backed IT firm, headquartered in Bengaluru, is expanding its New York office rather than relocating, CBRE brokers said.
Mphasis, a Blackstone-backed information technology firm headquartered in Bengaluru, India, signed a 10-year lease extension at Rudin Management’s 41 Madison Avenue that more than doubles its footprint in the building. The deal adds 14,151 square feet on the entire 36th floor to the 13,558 square feet Mphasis already occupies on the 35th floor, bringing its total to 27,709 square feet in the 42-story Flatiron District tower.
Why it matters
Mphasis is not moving its headquarters to New York. The company is based in Bengaluru, and the deal is an expansion of an existing secondary office, not a corporate relocation, despite the growth signal it sends for Rudin’s 41 Madison Avenue leasing book. Mphasis first moved into the building in April 2021, subleasing 13,558 square feet from Mission Capital Advisors after relocating from 460 Park Avenue South. CBRE’s William Iacovelli, who represented Mphasis alongside Patrick Moroney, said the tenant wanted to stay put rather than look elsewhere in the market. “Mphasis’ preference was to remain at 41 Madison Avenue,” Iacovelli said, calling the 36th-floor addition “the ideal solution to support the company’s continued growth.”
The numbers
The expansion brings Mphasis to 27,709 square feet across two full floors, up from 13,558 square feet on one floor, a gain of 14,151 square feet. The new lease runs 10 years. Rudin’s Robert Steinman, the building’s SVP of leasing, and Craig Panzirer handled the deal in-house for the landlord. Asking rent on the new space was not disclosed, but Colliers reported Class A Midtown South office rents averaging $98.01 per square foot in the third quarter of 2026, well above the mid-$70s per square foot Mphasis paid on its 2021 sublease. The deal was first reported by CoStar before Commercial Observer’s October 22 story.
What’s next
The extension locks Mphasis into 41 Madison Avenue through the mid-2030s and gives Rudin another full-floor commitment at a building it has actively been releasing this year. For a broader view of how New York landlords are converting tenant retention into longer terms this cycle, the pattern at 41 Madison tracks a market where expansions, not relocations, are driving the leasing volume Rudin and its peers are reporting through the back half of 2026.
On the record
Primary record
- Our coverageMphasis signed a 10-year lease extension at Rudin's 41 Madison Avenue, adding 14,151 square feet on the entire 36th floor to its existing 13,558 square feet on the 35th floor, bringing its total footprint to 27,709 square feet. CBRE's William Iacovelli and Patrick Moroney represented the tenant; Rudin's Robert Steinman and Craig Panzirer represented the landlord in-house.View the record on commercialobserver.com
Also reported by
- Commercial ObserverIT Firm Mphasis Expands by 14K SF at Rudin's 41 Madison Avenue