Prudential Real Estate Investors closed on a $110 million refinancing of its 180 Madison Avenue office building in Midtown.
HFF arranged the loan, which was syndicated by JPMorgan Chase and German bank Helaba, according to the commercial brokerage and property records filed with the city Monday. The financing, which closed Sept. 10, replaces previous debt on the 23-story property from Wells Fargo Bank.
Prudential Real Estate Investors acquired the 281,000-square-foot office tower, located at the corner of Madison Avenue and East 34th Street, for $146.2 million in 2008, according to the New York Observer. The firm teamed up with the now-defunct Clarett Group to purchase the property from Sitt Asset Management and the Eretz Group.
The property at 180 Madison – formerly known as “The Lingerie Building” for housing many of the city’s lingerie tenants – is in the final stages of a “comprehensive” renovation and repositioning, HFF said in a release. Improvements include a lobby renovation and upgrades to the elevators, windows and electrical systems.
The repositioning is meant to appeal to “growing demand” from TAMI tenants. The building is currently 72 percent leased, with larger tenants including advertising technology firm the Rubicon Project and social media marketing firm Unified Social. [NYO] – Rey Mashayekhi