Colliers Handles Leasing, Repositioning of Madison Ave. Art Deco Tower
By Billy Gray October 31, 2013 7:45 am
reprintsA 30-story, 185,000-square-foot Midtown office tower is in the midst of an extensive capital improvement campaign.
Upgrades to the boutique building at 501 Madison Avenue include a new entrance and lobby. Fresh elevator cabs, restrooms and common tenant areas are also being installed. One compelling opportunity at the property is 8,800 square feet of retail space between the ground and second floors.
Improvements to the retail component include what a prepared statement describes as “statuary satin bronze clad storefronts with Low-iron Starphire glass.”
Robert L. Freedman, Alex Jinishian, Seth Hecht and Timothy Pond of Colliers International‘s tristate team are the exclusive leasing agents and property managers. ““Rarely does such a remarkable Midtown asset become available for a multi-system reposition and redevelopment,” Mr. Freedman said in the statement.
Mr. Jinishian added that “the Plaza District’s leasing market contains many small, sophisticated tenants desiring best-in-class, well-located space that includes the updated infrastructure and accoutrements most modern buildings offer. The building’s unique layout enhances each tenant’s visibility and cachet.”
