390 Madison May Finally Have Its First Post-Renovation Tenant
Hogan Lovells may be 390 Madison Ave’s first tenant after the building’s dramatic overhaul.
The law firm—whose 110k SF lease at 875 Third Ave expires at the end of July 2017—is negotiating a 200k SF stake in the 900k SF vacant office building. The rent’s still being negotiated, but owner Clarion Partners has been seeking rates above $100/SF, Crain's reports.
The building was originally controlled by landlord Sheldon Solow and called 380 Madison Ave but when the ground lease expired in 2014, Clarion—which manages the property on behalf of the New York State Common Retirement Fund—took ownership of the building and rebranded it with its new address.
In order to make the building compete with the newer office stock hitting the market, Clarion and the retirement fund have worked with L&L Holding Co to reskin the building with a glass facade.
L&L also removed entire floors to increase the ceiling height and added several new floors to the top of the now-32-story-tall tower. The renovation is slated to finish early next year. [Crain's]