Trophy 180,000-SF Midtown office and retail building
Meridian Capital Group announced today that its Institutional Investment Sales Group represented Daishin Securities Co., Ltd. in its acquisition of a trophy office and retail asset located at 400 Madison Avenue. The art-deco property, constructed in the late 1920s, spans the entire block between East 47th and East 48th Streets and features boutique floorplates, five private outdoor terraces, exceptional light and air, and an extremely high frontage-to-depth ratio. These characteristics, in combination with the asset’s new tenant lounge, lobby and conference center, offer a highly-sought after “club-like” appeal and atmosphere to office users.
A Meridian team of Helen Hwang, Karen Wiedenmann, Brian Szczapa, Ernie Nichols, and Nicholas Dailey represented the buyer in the transaction.
“400 Madison Avenue presented a rare opportunity to control an entire block-front along one of Manhattan’s preeminent office and retail corridors” said Helen Hwang, Senior Executive Managing Director and Head of Meridian’s Institutional Investment Sales Team. “The significant investment and interest in the area as a result of the Midtown East Rezoning – most notably the recent commitment to the area by JP Morgan Chase & Co – is a testament to what the future holds for this location and asset”
400 Madison Avenue features approximately 6,800 square feet of ground floor retail space that benefits from 200 feet of frontage along the avenue. The property also features a dynamic tenant roster and an unparalleled location: surrounded by all that Midtown Manhattan has to offer and located directly across the street from the North entrance to Grand Central Station. As a result of its location in the heart of Midtown Manhattan, 400 Madison Avenue has a unique ability to draw from both Plaza District and Grand Central District generated office and retail demand.
Helen Hwang, Senior Executive Managing Director of Meridian’s Institutional Investment Sales group can be reached at (212) 468-5930 or [email protected].