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| 180 Madison Avenue, Madison Avenue and East 34th Street, Midtown South Office Market, Manhattan, NY |
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| Michael Tepedino |
NEW YORK, NY – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has secured a $110 million first
mortgage financing for 180 Madison Avenue,
an historic, 23-story, 280,953-square-foot office tower in Manhattan.
Working on behalf of an
institutional investor, HFF placed the loan with J.P. Morgan Chase Bank, N.A.
and Landesbank Hessen-Thuringen Girozentrale (Helaba).
180 Madison Avenue is
located at the southwest corner of Madison Avenue and East 34th Street in
Manhattan’s Midtown South office market.
The building, formerly known as the “The Lingerie Building” was
historically the premier building for lingerie tenants in New York City. Originally built in 1926, the property is in
the final stages of a comprehensive renovation that has already transformed and
re-positioned the asset as a best-in-class, market leading office building.
Representative
improvements include a spectacular lobby renovation, elevator modernization,
window replacements, as well as various electrical upgrades. Recent rollover at the building, which is
currently 72 percent leased, has enabled ownership to continue to execute their
business plan to demolish and pre-build space to a “plug and play” ready
condition as tenants’ leases expire.
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| Michael Gigliotti |
The location of the
property appeals to tenants across a wide array of industries, but there has
been a growing demand from the technology, advertising, media and information
(“TAMI”) sectors that are highly concentrated in the Midtown South office
market.
The property offers the
infrastructure TAMI tenants frequently require, with the aesthetic style and
geographic location they desire. Two of
the top five largest tenants located at the building,
The Rubicon Project and
Unified Social, are prime examples of the growing TAMI firms flocking to
Midtown South. Both tenants signed
leases at the property in the last few years and both have already expanded
within the building since their arrival.
The HFF debt placement
team representing the borrower was led by senior managing director Michael Tepedino and managing director Michael Gigliotti.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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