Fortune

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The lease is the latest positive development for BroadwayPartners since the firm purchased 340 Madison Ave. in November 2006on behalf of its Broadway Partners Value-Added Fund II, whichtargets value-added opportunities in the office sector in primaryNorth American markets. Since the acquisition, the firm hassucceeded in steadily increasing both occupancy and rents,according to a company statement.

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When purchased, the property was slightly more than 40%occupied, according to the firm. In 2007, a mid-rise floor of"pre-builts" was leased. Most of the high-rise portion of thebuilding was filled through a long-term lease for approximately100,000 sf signed with National Financial Partners. In addition,several existing tenants have expanded.

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Sources could not provide taking rents or an aggregate leasevalue for the new Wayne, PA-based tenant, who will occupy threefull floors within the mid-rise. A source familiar with the dealtells GlobeSt.com that asking rent is $80 per sf at theproperty.

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According to Greg Green, Broadway's national director ofleasing, SunGard was looking to consolidate several New York Citylocations, and is known to have considered various class Abuildings throughout Downtown and Midtown. "In the end, 340 Madisonwas a clear best choice, due to its strong image and location,which aligns well with what the company projects for purposes ofrecruitment and business marketing," Green explains. "The deal cametogether at breakneck speed, with property tours, leasing terms,and final negotiations taking shape over the course of just onemonth."

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Jeffrey Mack of GVA Smith Mack and Michael Ippolito of NewmarkKnight Frank represented the tenant. The building is a 748,000-sfclass A office property located one block from Grand CentralStation and spans the entire westerly Madison Avenue blockfrontbetween 43rd and 44th streets. Originally built in 1928 andcompletely redeveloped in 2006, the property is situated in thecenter of Midtown Manhattan.

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Major tenants at the property include McDermott Will &Emery, Coach, Massachusetts Mutual Life Insurance, NationalFinancial Partners, Nuveen, and the US Office of the Comptroller ofthe Currency. The property, which includes over 400 feet of retailfrontage at a prime retail location, is one of the area's signaturebuildings, according to the owner, and represents some of the mosthighly desirable space in the Grand Central submarket.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.