A joint venture, comprising George Comfort & Sons, Loeb Partners Realty and Jamestown, has secured $386 million in financing. The refinancing is for the office building at 200 Madison Avenue in Midtown East. New York Life provided the floating-rate loan, which includes an initial term of three years and two extension options of twelve months each. The 750,000 square foot property is located near Grand Central Terminal.
The refinancing was completed shortly after Havas Health signed a 15-year lease extension and expansion in August. Havas Health is increasing its global headquarters from 189,461 square feet to 254,118 square feet. Other office tenants include the architectural firm Spectorgroup and the law firm BraunHagey & Borden.
Confidence in prime office properties
Peter S. Duncan, President and CEO of George Comfort & Sons, stated: “This refinancing underscores the lending community's confidence in office assets such as 200 Madison Avenue, which are distinguished by first-class amenities, an unrivalled location, and a strong ownership structure.” He added that this transaction, combined with the ongoing renovation programme and positive leasing momentum, positions 200 Madison Avenue for continued success.
The financing was arranged by a team from Estreich & Company, consisting of Jonathan Estreich, Peter A. Duncan and Egor Petrov, as well as a Newmark team with Adam Spies, Adam Doneger and Willis Robbins, according to George Comfort & Sons. The property, built in 1926, recently underwent a lobby renovation. Furthermore, 11,000 square feet of additional amenities are currently being created on the 10th floor, including executive conference rooms, a games area, a lounge, and event spaces.
Property features and location
- —Building: 200 Madison Avenue, New York
- —Total area: 750,000 square feet
- —Year built: 1926
- —Location: Midtown East, near Grand Central Terminal
New York Life, Loeb Partners Realty and Jamestown did not immediately respond to requests for comment.
