NEW YORK CITY-A complex restacking that also entailed connecting with space at an adjacent property has resulted in Loews Corp. bumping up its space at 655 Madison Ave. to nearly 100,000 square feet. Loews is adding 22,599 square feet in the long-term renewal and expansion at 655 Madison, which abuts its headquarters space at Hartz Mountain Industries’ 667 Madison Ave., a lease that the New York Post reports has also been renewed. Lease terms were not disclosed.
The Loews footprint on eight floors at 655 Madison is actually larger than the diversified holding company’s headquarters space; its lease at 667 Madison is for about 43,000 square feet. “Many brokers refer to their deals as ‘breakthrough’ transactions, but this one can legitimately lay claim to such a title,” says Andrew Roos, vice chairman and principal at Colliers International, in a release. “When Loews originally took occupancy of the space at 655 Madison, we created an opening between the two buildings to integrate their premises in both buildings.” There will now be two such openings on two separate floors.
The tenant, which owns Loews Hotels and CNA Financial, “could have relocated into any number of buildings,” Roos adds, but opted to stay put, “which is a major vote of confidence in the upgraded property and the Plaza District.” 655 Madison recently underwent a $15-million renovation and repositioning as a boutique office tower.
Roos and his colleagues at Colliers, president Michael Cohen and senior managing director Dolores Minardi, represented building owner Plaza Madison LLC on the 655 Madison transaction. A CB Richard Ellis team led by global chairman Stephen B. Siegel negotiated for Loews in both deals; Hartz represented itself at 667 Madison.
The 230,942-square-foot 655 Madison recently signed Galle Global Macro for the entire 20th floor and Kayne Anderson Capital Advisors for the 18th floor. All of its office tenants are full-floor; its ground-floor retail tenant is the flagship Donna Karan store.
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