• Financing Advances "Cinderella Story" Transformation in Plaza District

NEW YORK (January 24, 2008) — Commercial property developer LCOR has secured construction financing for a creative office redevelopment project at 545 Madison Avenue in the heart of Manhattan’s Plaza District.

The national real estate investment and development company has closed a $60.7 million construction loan for full-scale rehabilitation of the 17-story, Class-A office building. LCOR's marketing program for 545 Madison Avenue targets elite, boutique financial services companies and law firms.

Located one block east of Central Park, 545 Madison Avenue offers tenants full-floor or multiple full-floor options ranging in size from 9,300 square feet to 6,200 square feet with a 900-square-foot penthouse, with building-wide amenities creating an environment comparable to that of a five-star hotel. 545 Madison will include a contemporary floor-to-ceiling glass curtain wall and state-of-the-art electrical, HVAC and mechanical systems. The new building, expected to gain a LEED Gold rating, will offer prime space to tenants desiring full-floor occupancy. The “Cinderella Story” transformation is scheduled for completion in the middle of this year.

"The investment community recognizes the value of a Class-A trophy office building in the center of Manhattan’s most lucrative business district,” said David Sigman, LCOR Senior Vice President. "Given the strength of the local market and LCOR's complete renovation of the property, financing was readily available."

KeyBank provided the construction loan, in addition to an $11 million letter of credit that secures the ground lease during construction. LCOR’s joint venture partner is BlackRock, Inc.

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