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11 Madison Avenue

11 Madison Avenue
New York, NY 10010
Office, Retail, Leasing/Rental

The office building at 11 Madison Avenue, once known as the MetLIfe Building, was initially intended to be the worlds tallest building. The Great Depression hit, plans changed, and the developers had to settle for what would become merely one of the more recognizable Art Deco buildings in Midtown Manhattan.
The building was completed for MetLife in three phases from 1932 through 1950, and in the 1990s the building was again redeveloped. In 1996 it was registered as a historic building.

 

MetLife retained ownership until 2003, when the Sapir Organization purchased the building for $675 million. In 2011 CIM Group paid $469 million for a 49 percent stake in the property; the other half was retained by the Sapir Organization. Over the years the building has become a haunt for several Fortune 500 companies, including Sony, Yelp, and Credit Suisse, which has been the buildings anchor tenant. It also houses renowned restaurant 11 Madison Park on its ground floor.
In 2013 CIM and Sapir flirted with the idea of selling, putting the building on the market for $1.5 billion, but they ultimately got cold feet. -WP

  • Address 11 Madison Avenue
  • neighborhood Flatiron
  • borough Manhattan
  • owner CIM Group
  • floors 30
  • Year Built 1932
  • square feet 1,587,500
  • block and lot 1-00854-7501
  • BIN 1088910
  • Event Office Leasing
  • Address 11 Madison Avenue
  • Neighborhood NoMad
  • Borough Manhattan
  • Square feet 39,565
  • Price per foot $ 95.00
notes
The online consumer reviews giant inked a lease| expanding its current offices.
  • Event Sales
  • Address 11 Madison Avenue
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 2,300,000
  • Price $ 1,040,000,000
  • Price per foot $ 452.17
  • Publication Date 09/01/2016
  • Event Date 07/15/2016
  • Party 1 SL Green Realty
  • Party 2 PGIM Real Estate
notes
The REIT sold a 40% interest in the office tower to a Prudential entiry for $480 million in cash and the assumption of debt, valued at $1.04 billion.
  • Event Office Leasing
  • Address 11 Madison Avenue
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 186,396
  • Publication Date 06/01/2016
  • Event Date 05/18/2016
  • Party 1 SL Green Realty
  • Party 2 Credit Suisse
notes
The investment bank renewed its lease.
  • Event Office Leasing
  • Address 11 Madison Avenue
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 33,000
notes
The talent agency signed a 33,000-square foot expansion lease, bringing its space in the building to 99,000 square feet.
  • Event Retail Leasing
  • Address 11 Madison Avenue
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 9,000
  • Publication Date 05/01/2011
  • Event Date 03/22/2011
  • Party 1 Tabla
  • Party 1 Brokerage RKF
  • Party 1 Broker Spencer Levy
  • Party 2 La Mar
  • Party 2 Brokerage RKF
  • Party 2 Broker Spencer Levy
notes
The Peruvian restaurant signed a lease.
  • Event Office Leasing
  • Address 11 Madison Avenue
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 98,175
  • Price per foot $ 72.00
notes
The global marketing firm signed a 10-year lease for the entire 12th floor. The lease brings the 2.2 million-square-foot tower to full occupancy.
  • Event Retail Leasing
  • Address 11 Madison Avenue
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 300
notes
The family-owned chocolate company signed a 10-year lease for space with a reported asking rent of $200 per square foot. This will be its fourth Manhattan location.
  • Event Financing
  • Address 11 Madison Avenue
  • Neighborhood Flatiron
  • Borough Manhattan
notes
The 2.2-million-square-foot property, which was purchased for $700 million in 2003, was refinanced with a 10-year, $803 million loan. Credit Suisse First Boston replaced Wachovia, which had previously financed the property. Credit Suisse is also the largest tenant in the property and has a lease that expires in the same year as the loan.
  • Event Office Leasing
  • Address 11 Madison Avenue
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 70,000
  • Publication Date 03/01/2005
  • Event Date 01/20/2005
  • Party 1 IBM
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Jeffery Rosenblatt
  • Party 2 Weight Watchers
  • Party 2 Brokerage Newmark Grubb Knight Frank
notes
Sublease; Weight Watchers moves headquarters from LI
  • Event Sales
  • Address 11 Madison Avenue
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 2,200,000
  • Price $ 675,000,000
  • Price per foot $ 306.82
notes
Second biggest office building buy of 2003

12/29/2016
Clockwise from left: Olayan Group's Hutham Olayan, RXR Realty's Scott Rechler, CalPERS' Marcie Frost, 550 Madison Avenue, 787 Seventh Avenue and 388-390 Greenwich Street Manhattan Clockwise from left: Olayan Group's Hutham Olayan, RXR Realty's Scott Rechler, CalPERS' Marcie Frost, 550 Madison Avenue, 787 Seventh Avenue and 388-390 Greenwich Street Manhattan...

09/28/2016
From left: Allianz CEO Oliver Bäte and 10 Hudson Yards, PGIM CEO Eric Alder and 11 Madison Last month’s 10 most expensive investment sales in From left: Allianz CEO Oliver Bäte and 10 Hudson Yards, PGIM CEO Eric Alder and 11 Madison Last month’s 10 most expensive investment sales in...

02/01/2016
All of this is not to say that CBRE is struggling. It brokered a record deal of its own: SL Green Realty’s $2.3 billion purchase of 11 Madison Avenue â€' the largest single-building deal in the city’s history...

12/31/2015
Top from left: Robert A.M. Stern, 11 Madison Avenue, Brian Chesky, One57 and Rubin Schron...

10/01/2015
Manhattan lays claim to the two priciest on the planet for the first half of 2015 â€' the $2.2 billion sale of the Manhattan office building 3 Bryant Park to Ivanhoe Cambridge, the investment arm of a Canadian pension fund manager, and the $1.95 billion sale of Manhattan’s Waldorf Astoria Hotel to Chinese insurer Anbang Group. Those were followed by the third-quarter closing of 11 Madison Avenue for a staggering $2.6 billion...

03/01/2015
11 Madison Avenue The most valuable office lease inked in Manhattan last year will bring nearly $1.7 billion in cash to the owners of 11 11 Madison Avenue The most valuable office lease inked in Manhattan last year will bring nearly $1.7 billion in cash to the owners of 11...

01/02/2015
Major office tenants steered clear of large blocks of office space two years ago, but that trend largely reversed itself last year. The biggest new office lease based on the space’s size was Time Inc. taking nearly 670,000 square feet at Brookfield Office Properties’ Brookfield Place, according to CompStak data. The top office lease overall was a renewal of 1.2 million square feet by Credit Suisse at the Sapir Organization’s 11 Madison Avenue...

10/01/2014
In addition, investment bank Credit Suisse and electronics giant Sony also signed mega leases in the submarket, both at 11 Madison Avenue...

03/01/2013
But insiders attribute the drop at CBRE, where the New York capital markets group is headed by Darcy Stacom, to the meager trading by large institutional players of big office buildings in Manhattan, the global firm’s go-to clients. Sources also note that several of the firm’s biggest listings were pulled from the market, such as 11 Madison Avenue, which had an asking price of $1.5 billion...

01/01/2013
The other large block is 57,904 square feet on the 14th floor at 11 Madison Avenue, the 2.2 million-square-foot office building on Madison Square Park...

12/01/2012
CBRE Group brokers represented both the sub-landlord, WestPoint Home, a company that makes home products like pillows and sheets, as well as IBM. IBM is moving from a larger space in 11 Madison Avenue, information from CoStar shows...

12/01/2011
Other assets include 209 unsold condos in the William Beaver House, a 47-story luxury tower in the Financial District; a stake in 11 Madison Avenue, a fully occupied Art Deco office tower; 737 Park Avenue, long one of the most coveted potential condo conversion sites in the city; and Trump Soho...