George Comfort Corrals $386M Loan to Refinance 200 Madison
George Comfort & Sons is continuing a run of good news at a Midtown South office tower.
The landlord of 200 Madison Avenue, alongside Loeb Partners Realty and Jamestown, landed a $386 million loan to refinance the property, the Commercial Observer reported. The floating-rate debt carries a three-year term and includes a pair of one-year extension options.
New York Life provided the fresh financing for the 750,000-square-foot property. Estreich & Company’s Jonathan Estreich and Egor Petrov, along with Newmark’s Adam Spies, Adam Doneger and Willis Robbins.
The landlord recently renovated the century-old property, revamping the lobby and adding 11,000 square feet of amenities, including executive conference rooms, a game area, a lounge and event space.
“This refinancing underscores the lending community’s confidence in office assets like 200 Madison Avenue that are defined by top-tier amenities, unrivaled location and strong sponsorship,” George Comfort CEO Peter Duncan said in a statement.
Last month, Havas Health signed a 254,000-square-foot lease agreement, which included a 65,000-square-foot expansion and a 15-year extension of its existing 189,000-square-foot space.
Other office tenants include architecture firm Spectorgroup and law firm BraunHagey & Borden. Fitness brand TMPL and furniture store Roche Bobois occupy ground-floor retail space. Asking rents for office space in the building, blocks from both Grand Central Terminal and Penn Station, range from $70 to $75 per square foot.
Leasing volume in Midtown South reached 5.05 million square feet in the second quarter, the submarket’s strongest quarterly total since the end of 2001, according to Colliers. Availability tightened to 12.7 percent, down from 13.4 percent in the first quarter, representing the eighth consecutive quarter in which availability either tightened or held steady.
Midtown South’s average asking rent slipped 1.1 percent in the second quarter to $79.41 per square foot, but was still up 2.4 percent year over year.
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