340 Madison Avenue | TRD Research
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340 Madison Avenue

340 Madison Avenue
New York, NY 10017
Office

RXR Realty, the minority owner of the 22-story, 745,312-square-foot Class A office building at 340 Madison Avenue, bills it as one of the few modern assets in the Grand Central area. RXR bought a 49 percent stake in the building in 2010 in a deal that valued it at $570 million. Broadway Partners and USAA Real Estate Company own the rest.¾The Art Deco building was built¾in 1928.

The building takes up a full block along Madison from 43rd to 44th streets, and includes some marquee names on its tenant roster: McDermott Will & Emery, Massachusetts Mutual Life Insurance, PNC, SunGard and the United States Office of the Comptroller of the Currency. Asking rents at 340 Madison are thought to start in the low $70s a square foot, about average for that area of Midtown.

The building underwent a $40 million renovation in 2006 under previous owner Harry Macklowehence RXRs description of it as one few modern assets in the Grand Central area. Macklowe lost the building, and several others, shortly after the renovation, when he could not pay back a $7 billion loan.¾ -TA

  • Address 340 Madison Avenue
  • neighborhood Grand Central
  • borough Manhattan
  • owner RXR Realty
  • owner entity 340 MADISON AVENUE SY
  • floors 22
  • Year Built 1922
  • square feet 745,312
  • block and lot 1-01278-0014
  • BIN 1035357
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 40,364
  • Publication Date 10/01/2015
  • Event Date 08/22/2015
  • Party 1 Twitter
  • Party 1 Brokerage Cresa Partners
  • Party 1 Broker Christina Clark, Eric Thomas
  • Party 2 Prometheus Global Media
  • Party 2 Brokerage Newmark Grubb Knight Frank
  • Party 2 Broker Chris Mongeluzo, E.N. Cutler
notes
The media conglomerate signed a sub-sublease from Twitter for Billboard Magazine and The Hollywood Reporter office space.
  • Event Financing
  • Address 340 Madison Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 750,000
notes
A $315 million loan was arranged at a 12-year fixed rate to refinance the property. 22-story office building.
  • Event Sales
  • Address 340 Madison Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 35,625
  • Price $ 570,000,000
  • Price per foot $ 16,000.00
notes
The building went into contract for around $570 million, or $760 per square foot. Broadway Partners purchased the property in 2006 for about $590 million.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Central Park South
  • Borough Manhattan
  • Square feet 36,250
notes
The office space provider signed a 13-year lease for the entire 19th floor.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 11,119
notes
The social networking site inked a three-year lease to relocate its New York sales team. The tenant is moving to the Broadway Partners-owned building from 551 Fifth Avenue.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 99,504
  • Price per foot $ 80.00
notes
The U.S. federal agency renewed its existing lease and took additional space.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 11,113
notes
The financial services firm signed a lease.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 4,115
notes
The investment firm signed a lease.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 13,328
notes
The Portuguese bank signed a lease.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 10,000
notes
The law firm signed an expansion lease.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 40,000
notes
The bank inked a lease for the 11th floor. The tenant is consolidating its offices at 450 Park Avenue and 70 East 55th Street.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Central Park South
  • Borough Manhattan
  • Square feet 120,000
notes
The technology company signed an 11-year lease. The reported asking rent at the property is $80 per square foot. The building is now nearly 80 percent occupied.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 4,580
notes
The document analysis and risk management services provider to the legal industry signed a seven-year, 10-month lease for the entire second floor of the 22-story Class A building. The reported asking rent was $80 per square foot.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Central Park South
  • Borough Manhattan
  • Square feet 99,485
notes
The national network of financial advisors inked a lease for the entire 19th, 20th and 21st floors. The reported asking rent was $90 per square foot.
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Central Park South
  • Borough Manhattan
  • Square feet 160,000
notes
Law firm has option to expand lease additional 110,000 sf
  • Event Retail Leasing
  • Address 340 Madison Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 4,087
notes
Store to open this summer; also takes offices in building
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 29,000
notes
Parent co. of FILA takes office space; also takes retail on ground floor
  • Event Office Leasing
  • Address 340 Madison Avenue
  • Neighborhood Central Park South
  • Borough Manhattan
  • Square feet 43,000
notes
U.S. Treasury division signs lease