• 545 Madison Avenue

    New York, NY
    PROJECT OVERVIEW:
    545 Madison Avenue is a 17-story, 140,000-square-foot building on the corner of 55th Street and Madison Avenue in the Plaza District, one of Manhattan's most coveted business districts. Originally constructed in 1955, the building underwent an extensive redevelopment beginning in 2008, including a full glass curtain wall re-cladding, new elevators, and new electrical and mechanical systems. The project was awarded LEED Gold certification by the USGBC.

    LCOR'S ROLE:
    LCOR identified the property's potential and after acquiring the project enacted a substantial redevelopment plan that first stripped the building to its structural steel frame. Improvements then included a full façade re-cladding using distinctive, custom-made clear glass, the addition of a penthouse to maximize its zoning square feet, and a multitude of sustainable features. The building's boutique attributes, including its prestigious location and smaller floor plates ranging from 6,200 to 9,300 square feet, would appeal to smaller professional services firms such as hedge funds, law and financial firms seeking full floor identity. The rehabilitation program would make it a new Class A building that commands market leading rents. The decision to seek LEED Gold certification not only makes the building more environmentally-friendly, but also provides LCOR with key financial benefits, including long-term reduced operating costs enhanced resale value, as well as a strong selling point in marketing the property to prospective tenants that strengthened the perception of 545 Madison being a "forward-thinking" redevelopment.

    VALUE CREATED:
    Upon completion of the rehabilitation program, LCOR was able to withstand the initial economic downturn of 2008 / 2009 and has generated strong tenant interest and leasing activity since 2010. The building has garnered international acclaim for its redevelopment and sustainability innovations, receiving awards from the Urban Land Institute and Greater New York Construction User Council, and often serves as a case study for green building retrofits.