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News release

JLL Hired by Madison Capital to Lease 71 Fifth Avenue


NEW YORK, May 12, 2017 — JLL was selected by landlord Madison Capital as the exclusive office leasing agent for 71 Fifth Avenue, which is located in the Flatiron District in Manhattan. The firm will provide a full range of office leasing and marketing services at the Class A, 170,000-square-foot commercial office building.

The new leasing assignment will be led by Mitchell Konsker, vice chairman, along with Daniel Turkewitz, executive vice president; and Benjamin Bass, senior vice president, all with JLL. They will work closely with J. Joseph Jacobson, partner; Jonathan Ratner, managing director; and Justin Cesario, vice president; with Madison Capital.

 "We are extremely excited to have been selected by Madison Capital to reintroduce 71 Fifth Avenue to the market" said Konsker.  "Located on lower Fifth Avenue and with close proximity to Union Square, the building is properly positioned as one of Midtown South's most exciting, boutique office properties."

The 11-story 71 Fifth Avenue was designed by Charles Volz, and constructed in 1906. Madison Capital acquired the long-term leasehold at the property earlier this year and is launching a capital improvement program. Designed by Fogarty Finger, the renovations will include a significantly upgraded lobby and building entrance, new elevator cabs and new mechanicals.

The office building is currently fully leased, and will have 15,389 square feet of office space available on the fifth floor in September.

"We are pleased to work with JLL on the office space at 71 Fifth Avenue, a premier location in Midtown South," said Jacobson. "The neighborhood and upcoming capital improvements make the building an attractive space for those looking to take advantage of proximity to Union Square and Class A amenities."

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,300 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2015, the New York tri-state team completed approximately 32.6 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $8.2 billion; managed projects valued at $7.8 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 141 million square feet.

About Madison Capital

Madison Capital is a leading real estate investment and operating company focused on acquiring and repositioning superior urban retail and mixed-use assets in dynamic markets including New York and other gateway cities. Targeting income-producing and value-add opportunities in interesting, evolving neighborhoods, the firm employs a focused and disciplined approach to its investments. Madison has grown its portfolio organically, acquiring one asset at a time since the firm's inception in 2002 to over $2.5 billion of current assets under management. The company's strategy, combined with its creative, entrepreneurial approach, integrated operating platform, and exceptional capital markets expertise has resulted in a gross IRR of 27.2% and equity multiple of 2.2x across all investments in the firm's portfolio through three real estate cycles.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.​