Fortune
The lease is the latest positive development for Broadway Partners since the firm purchased 340 Madison Ave. in November 2006 on behalf of its Broadway Partners Value-Added Fund II, which targets value-added opportunities in the office sector in primary North American markets. Since the acquisition, the firm has succeeded in steadily increasing both occupancy and rents, according to a company statement.
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 the building was filled through a long-term lease for approximately 100,000 sf signed with National Financial Partners. In addition, several existing tenants have expanded.
Sources could not provide taking rents or an aggregate lease value for the new Wayne, PA-based tenant, who will occupy three full floors within the mid-rise. A source familiar with the deal tells GlobeSt.com that asking rent is $80 per sf at the property.
According to Greg Green, Broadway's national director of leasing, SunGard was looking to consolidate several New York City locations, and is known to have considered various class A buildings throughout Downtown and Midtown. "In the end, 340 Madison was a clear best choice, due to its strong image and location, which aligns well with what the company projects for purposes of recruitment and business marketing," Green explains. "The deal came together at breakneck speed, with property tours, leasing terms, and final negotiations taking shape over the course of just one month."
Jeffrey Mack of GVA Smith Mack and Michael Ippolito of Newmark Knight Frank represented the tenant. The building is a 748,000-sf class A office property located one block from Grand Central Station and spans the entire westerly Madison Avenue blockfront between 43rd and 44th streets. Originally built in 1928 and completely redeveloped in 2006, the property is situated in the center of Midtown Manhattan.
Major tenants at the property include McDermott Will & Emery, Coach, Massachusetts Mutual Life Insurance, National Financial Partners, Nuveen, and the US Office of the Comptroller of the Currency. The property, which includes over 400 feet of retail frontage at a prime retail location, is one of the area's signature buildings, according to the owner, and represents some of the most highly 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.
