Prudential gets $110M refinancing for 180 Madison

Former "Lingerie Building" finishing renovations, repositioning to TAMI tenants

New York /
Sep.September 22, 2015 01:30 PM

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


Related Articles

arrow_forward_ios
Damien Dwin of Lafayette Square Holding (Photos via Lafayette; iStock)
Sustainable housing is focus of Damien Dwin’s social justice effort
Sustainable housing is focus of Damien Dwin’s social justice effort
Lendlease’s Melissa Burch with 1 Java Street  and Miki Naftali with 470 Kent Avenue (Burch via Max Dworkin; Jll; Naftali Group; Google Maps)
Brooklyn dominates top development site deals of 2020
Brooklyn dominates top development site deals of 2020
(iStock)
Commercial real estate’s looming distress problem
Commercial real estate’s looming distress problem
MAG's MaryAnne Gilmartin and Safanad's Andrew Trickett (Getty)
MAG Partners, Safanad form new joint venture
MAG Partners, Safanad form new joint venture
Simon and David Reuben with 20 East 76th Street (Getty; Google Maps)
Reuben Brothers pick up Surrey Hotel at a discount
Reuben Brothers pick up Surrey Hotel at a discount
55-15 Grand Avenue, Queens; Phil A. Belling of LBA Realty; Jamie Dimon of JPMorgan Chase (Getty, RXR/BL Architects)
LBA lands $316M loan for Amazon warehouse in Maspeth
LBA lands $316M loan for Amazon warehouse in Maspeth
Airbnb CEO Brian Chesky (Getty; iStock)
Airbnb targets as much as $33B valuation for IPO
Airbnb targets as much as $33B valuation for IPO
Hippo founders Assaf Wand and Eyal Navon (LinkedIn)
Home insurance startup Hippo raises $350M
Home insurance startup Hippo raises $350M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...