JP Morgan Chase Bank and Helaba Bank provided a $110m loan to Prudential Real Estate Investors for the refinancing of 180 Madison Avenue on the east side of Manhattan.
A joint venture between The Clarett Group and Prudential Real Estate Investors purchased the 24-story, 280,700 sq ft office tower — at the southwest corner of Madison Avenue and East 34th Street — from Sitt Asset Management and Eretz Group for $146.2m in July of 2008, assuming with it $75m of existing debt.
The Sitt joint venture had acquired the building from SL Green in 2005 for $92.7m with the $75m loan from Wachovia Bank (which Wells Fargo acquired in 2008).
Originally built in 1926 and formerly known as the “The Lingerie Building,” the property is currently 72 percent leased. Ownership is in its final stages of a comprehensive renovation, pre-building space to a “plug and play” condition as leases expire with the aim of attracting technology, advertising, media and information (or TAMI) tenants.
Additional improvements include a lobby renovation, elevator modernization, window replacements and electrical upgrades.
Two of the top five largest tenants include The Rubicon Project and Unified Social, both of which signed leases and expanded within the building over the course of the last few years.
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