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News release

NEW YORK, NY

JLL Completes 15 Leases for Ownership at 400 Madison Avenue in 2015

Companies sign for a total of 40,000 SF in transactions at Class A, 185,000-SF office building; 14,000 SF in pending deals would bring building to 92% occupied


NEW YORK, February 8, 2016 — JLL has completed 15 new and renewal transactions, totaling 40,000 square feet, during the past year for building owner ASB Capital Management and property manager Macklowe Management LLC at 400 Madison Avenue. Including the 14,000 square feet in transactions still pending, JLL has brought the Class A, 185,000-square-foot commercial office building to approximately 92 percent occupied.

The building owner was represented in all 15 transaction by Matthew Astrachan, vice chairman, and Harley Dalton, associate, both with JLL. The pair worked closely with Mary Murphy, senior investment analyst, and Brodie Ruland, senior vice president, with ASB Capital; and Ken Dillon, senior vice president, with Macklowe Management.

“This is one of the first buildings in the Plaza District to embrace smaller occupiers by providing turnkey buildouts along with an amenity space for tenants,” said Astrachan. “The entire second floor caters to tenants looking to contain costs by sharing amenities.  In addition to the lounge, 400 Madison Avenue offers a large conference room with video conference capabilities.”

The 21-story 400 Madison Avenue was designed by H. Craig Severance and constructed in 1929.  ASB Capital recently completed an $11 million capital improvement program at the office building, with the lobby improvements designed by renowned hospitality architect Hirsch Bedner Associates. The renovation included a unique lobby and mezzanine-level lounge, as well as a pantry to carry the comfort of high-end hospitality into the office; stone floors combined with large-scale fixtures, wood doors and textured wall coverings to create a sense of arrival in common corridors; and conference rooms and casual meeting spaces on the first and second floors to provide tenants with multiple work environments. In addition, 400 Madison Avenue recently achieved Wired Certified Gold status with WiredScore, ranking the property among the best in the country in terms of broadband and telecom infrastructure.

The building’s Art Deco styling, coupled with a modern aesthetic, creates a boutique office environment. The lobby space is infused with bronze throughout complementing the ornate elevator doors. Modern accents including a multi-faceted signature desk, sleek handrail to the mezzanine lounge, and a custom Pelle Chandelier complete the contemporary design. A slate, black, cream and gold palate enriches mezzanine-level amenities, where the unique library/lounge and adjacent pantry are available for tenant use.

Offering views of Madison Avenue from all office suites, 400 Madison Avenue is proximate to Grand Central Terminal and Plaza District hotels, restaurants, shops and services. The office building offers floor plates of 10,500 square feet and smaller pre-built units of up to 4,500 square feet.

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,000 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2014, the New York tri-state team completed approximately 22.8 million square feet of lease transactions, arranged investment sales transactions valued at more than $5.4 billion, managed projects valued at $7.6 billion, and oversaw a property management, facilities management and agency leasing portfolio exceeding 163 million square feet.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.