340 Madison Avenue

New York

The 340 Madison Avenue property, located on the west block front of Madison Avenue between East 43rd and 44th Streets, is in a prime location in the Grand Central submarket of the Midtown Manhattan market. The dilapidated property was comprised of three separate structures, forming an “E” shape, creating large courtyards of unsuitable space, and highly awkward floor plates that were unsuitable for tenants of any significant size.

Macklowe began its full renovation of the property which resulted in the creation of a brand new, modern 750,000 sq ft Class A office Building. The focal point of this dramatic redevelopment was the infill of the two courtyards formed by the property’s original configuration as three separate buildings. Macklowe merged the three separate buildings to unify the structure, and created expansive 40,000 square foot floor plates that would satisfy the demands of today’s corporate tenancy.

In addition, Macklowe acquired air rights allowing a six-story addition to the property to create an entirely new structure at the top of the building, increasing the property by approximately 62,000 sq ft above initial projected totals. The building’s rentable floor area increased by 43% (from 535,000 sq ft to approximately 750,000 sq ft), providing an excellent example of Macklowe’s ability to create value from underutilized assets and unrecognized opportunities.

The redevelopment of 340 Madison Avenue was a remarkable achievement of complex engineering and architectural redesign. Utilizing development rights, new construction and refurbishment, Macklowe successfully converted a Class C property to a modern Class A office tower. - MP