SL Green and Gramercy together formed a joint venture in May2005 to acquire the 1.2-million-sf, 14-story office building, wasoriginally constructed by MetLife as its headquarters. The buildingis 96% leased to Credit Suisse through 2020.
One Madison Ave. is adjacent to Five Madison Ave., better knownas the Clock Tower, which was recently sold to Africa Israel by anSL Green joint venture. The two buildings are situated onapproximately 1.93 acres overlooking Madison Square Park, occupyingan entire city block between Madison Avenue and Park Avenue Southbetween 23rd and 24th streets.
"The transaction will generate a significant amount of liquiditythat can be recycled into Gramercy's lending, net lease investingand real estate securities investment platform," Bob Foley, CFO ofGramercy Capital, tells GlobeSt.com. "For example, GramercyCapitals continues to actively seek new net-lease investments ininfill locations to drive residual value and the company's netasset value."
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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.
