T
he owners of 63 Madison Avenue are seeking a new investor to help fill the building's vacant space. The joint venture between George Comfort & Sons, Jamestown, and Loeb Partners Realty is looking to sell a stake in the 1960s-era building for around $400 million. This deal would value the property at roughly $465 per square foot, a significant drop from its peak valuation of $710 per square foot in 2016.

    The owners recently signed American Eagle Outfitters to a large lease, but the 860,000-square-foot building still has a substantial block of empty space. The new capital will help cover the costs of signing tenants, as the building is currently only 76 percent leased. A Newmark team led by Adam Spies and Adam Doneger is overseeing the sales process.

    The mid-rise office building was developed in 1962 for New York Life Insurance, which has its headquarters across the street. George Comfort and Loeb Partners sold a 49% stake to Jamestown in 2016, valuing both buildings at $1.15 billion or roughly $710 per square foot. The current valuation of $400 million represents a significant decrease from its peak.