Howard Fiddle and Paul Amrich of CBRE represented Broadway on all of the following transactions. A source close to the deals tells GlobeSt.com that the asking rents are around $80 per sf. The source could not disclose taking rents or aggregate lease values.
Office of the Comptroller of the Currency has leased 50,519 sf. The tenant was represented by Ken Ruderman and Michael Goldman of Studley.
PNC Financial Services Group, a unit of PNC Bank, has signed a lease for 40,310 sf. Robert Tunis and Richard Plehn of GVA Williams represented the tenant in the transaction.
Banco Espirito Santo Investment, S.A, an affiliate of Portugal-based Banco Espirito Santo, has signed a lease for 13,328 sf. Daniel Horowitz and Jeffrey Peck of Studley represented the tenant.
Unison Site Management, a provider of financial service for wireless telecommunications site owners, has leased 11,113 sf. Unison was represented by Messrs Horowitz and Peck.
Investment firm Zenkyoren Asset Management of America, Inc. has leased 4,115 sf. Hitoshi Aratani and Nathanael Pennington of Jones Lang LaSalle represented the tenant.
Greg Green, Broadway's National Director of Leasing says in a prepared statement that "our leasing success at 340 Madison since we acquired it 18 months ago is consistent with our track record of identifying unrealized value in class A properties and executing strategies to realize their full potential. 340 Madison was one of Midtown Manhattan's few class A properties with significant space availability at the time we acquired it, and despite a slowing overall leasing environment, we've been able to attract and retain a stellar group of tenants."
The building was acquired in late 2006 on behalf of Broadway Partners Value-Added Fund II, which targets value-added opportunities in the office sector in primary North American markets. At the time, the property was slightly more than 40% occupied. It is a 748,000-sf, class-A office building located one block from Grand Central Station and spans the entire westerly Madison Avenue blockfront between 43rd and 44th streets.
The property was building in 1928 and redeveloped in 2006. Major tenants at the property include McDermott Will & Emery, SunGard, Coach, Massachusetts Mutual Life Insurance, National Financial Partners, Nuveen, and the US Office of the Comptroller of the Currency. The property also includes over 400 feet of retail frontage.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, 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.
