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LCOR To Gut 545 Madison Ave.

NEW YORK CITY-The real estate firm signed a 75-year lease for the 17-story office building in the Plaza District with the hopes of repositioning the property.

By Katie Hinderer | Updated on November 07, 2006

NEW YORK CITY-LCOR is looking to cash in on the boutique office market in the Plaza District. The company just signed a 75-year lease for 545 Madison Ave. and plans to redevelop the entire building.

Located at 55 Street and Madison Avenue, the 17-story, 140,000 sf building is currently 100% vacant. Redevelopment of the property will basically replace everything but the basic steel structure, according to a company statement. The electrical and mechanical systems will be updated, new elevators placed in the building; a new glass wall façade will replace the current one. Architecture company Moed de Armas & Shannon is in charge of the redevelopment effort.

“We are transforming this structure into a fully contemporary class A office building, said David Sigman, LCOR senior vice president, in a statement. “A completely modernized 545 Madison Ave. will meet demand for boutique space in a prime Midtown location, an offering not readily available in this part of Manhattan.”

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