11 Madison Avenue | The Real Deal New York

The Real Deal New York

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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

10/10/18
...Realty in 2015 for the REIT’s acquisition of 11 Madison Avenue. The firm bought the 29-story tower from CIM Group for $2.6 billion. 18 The number of...

...Realty in 2015 for the REIT’s acquisition of 11 Madison Avenue. The firm bought the 29-story tower from CIM Group for $2.6 billion. 18 The number of...

09/12/18
...From left: Alex Sapir, Tamir Sapir, and 11 Madison Avenue (Credit: Getty Images and Google Maps) UPDATED: Thursday, Sep. 13, 12:30 p.m.: If you could...

09/10/18
...its minority partner CIM Group sold the iconic 11 Madison Avenue to SL Green Realty for $2.6 billion. Sapir paid $675 million for the 30-story office tower...

04/30/18
...according to the SEC filing. Its holdings include 11 Madison Avenue, which it bought from the Sapir Organization for $2.3 billion, the Graybar Building at 420 Lexington...

04/12/18
...a lease for more than 500,000 square feet at 11 Madison Avenue, now owned by SL Green Realty and PGIM Real Estate. (The Sony Building again...

03/05/18
...at 767 Fifth Avenue ($2.8 billion, or $1,400 per square foot), 11 Madison Avenue ($2.3 billion, or $973 per square foot), 3 Bryant Park ($2.2 billion, or $1,875 per square foot) and 245 Park...

...at 767 Fifth Avenue ($2.8 billion, or $1,400 per square foot), 11 Madison Avenue ($2.3 billion, or $973 per square foot), 3 Bryant Park ($2.2 billion, or $1,875 per square foot) and 245 Park...

02/08/18
...that level: the GM building at 767 Fifth Avenue, 11 Madison Avenue, 3 Bryant Park and 245 Park Avenue. Google bought its nearby New York headquarters at 111 Eighth...

02/08/18
...at 767 Fifth Avenue ($2.8 billion, or $1,400 per square foot), 11 Madison Avenue ($2.3 billion, or $973 per square foot), 3 Bryant Park ($2.2 billion, or $1,875 per square foot) and 245 Park...

01/26/18
...represented the fir in its $2.5 billion purchase of 11 Madison Avenue and the $453 million sale of the leasehold at the Lipstick Building. Robert Ivanhoe, head...

12/05/17
...in blockbuster deals like the $2.5 billion purchase of 11 Madison Avenue and the $453 million sale of the leasehold at the Lipstick Building, is negotiating to...

08/08/17
...11 Madison Avenue Marc Holliday 11 Madison Avenue just got the real-world equivalent of a five-star review. Yelp...

05/25/17
...in a handful of Sapir Organization properties, Including 11 Madison Avenue and the Trump Soho project. “There was a short window of opportunity that they...

05/11/17
...crossed the $2 billion threshold -- the list includes 11 Madison Avenue, 3 Bryant Park and the GM Building at 767 Fifth Avenue. The Real Deal first reported...

04/26/17
...bought a 40 percent stake in SL Green’s 11 Madison Avenue for $480 million, not counting the debt, last year. (To see our Woody Heller Deal...

03/29/17
...sale of the GM building, the 2015 sale of 11 Madison Avenue and the 2016 sale of 3 Bryant Park. Chinese insurer Anbang Insurance Group, which paid $1.95 billion...

03/22/17
...Park Avenue, the GM Building at 767 Fifth Avenue, 11 Madison Avenue and 3 Bryant Park at 1095 Sixth Avenue An exclusive tribe of New York City office...

03/20/17
...in Manhattan have crossed the $2 billion threshold, Including 11 Madison Avenue, 3 Bryant Park and the GM Building at 767 Fifth Avenue. CBRE’s Darcy Stacom and...

02/14/17
...stake in SL Green Realty’s office tower 11 Madison Avenue. January was the first complete month since new risk-retention laws for CMBS issuances went...

12/29/16
...in what was one of 2015’s priciest trades. 6. 11 Madison Avenue, $1.04 billion (partial stake) Buyer: PGIM Real Estate Seller: SL Green Realty Brokerage: CBRE The...

12/13/16
...End II at 265-275 Cherry Street for $279.2 million. 11 Madison Avenue CIM’s most opportunistic – and likely most profitable – New York deal was its 2010 agreement...

...brokered SL Green Realty’s $2.3 billion purchase of 11 Madison Avenue last year — the largest single-building trade in the city’s history. But now CBRE...

09/28/16
...percent stake in the trophy office tower at 11 Madison Avenue on Madison Square Park. Prudential’s real estate subsidiary, PGIM Real Estate, was the...

08/15/16
...when along with the Sapir Organization, it sold 11 Madison Avenue for a record $2.6 billion (the price tag included $300 million in lease-stipulated improvements) to SL...
  • 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

12/29/16
...in what was one of 2015’s priciest trades. 6. 11 Madison Avenue, $1.04 billion (partial stake) Buyer: PGIM Real Estate Seller: SL Green Realty Brokerage: CBRE The...

09/28/16
...percent stake in the trophy office tower at 11 Madison Avenue on Madison Square Park. Prudential’s real estate subsidiary, PGIM Real Estate, was the...

...terms of dollar volume now more than ever. 11 Madison Avenue Eastdil, which has landed the top spot for five straight years, doubled its 2014 dollar...

12/31/15
...Top from left: Robert A.M. Stern, 11 Madison Avenue, Brian Chesky, One57 and Rubin Schron. Middle from left: A map of Airbnb listings...

...Those were followed by the third-quarter closing of 11 Madison Avenue for a staggering $2.6 billion. New York also saw the most investment in commercial real...

...11 Madison Avenue The most valuable office lease inked in Manhattan last year will bring nearly $1.7 billion...

...by Credit Suisse at the Sapir Organization’s 11 Madison Avenue. Starting rent for Time Inc. and Credit Suisse will be in the $50s and...

Midtown Manhattan
...signed mega leases in the submarket, both at 11 Madison Avenue. They were not included in the ranking because their taking rents were not available...

...listings were pulled from the market, such as 11 Madison Avenue, which had an asking price of $1.5 billion. However, most of the other national firms...

...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. The space is being listed by...

...IBM is moving from a larger space in 11 Madison Avenue, information from CoStar shows. Sources said the lease, which runs through June 2019, starts at...

...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...