From the developers of JFK International Airport's acclaimed Terminal 4 comes “Cinderella Story," a soon-to-be fully revamped office building at 545 Madison Avenue.
Demolition is already under way at Madison and 55th Street, where an existing 17-story building is being stripped down to its frame and redone from scratch to create 140,000 square feet of high-end work space for what one exec called "an upscale, yet limited, tenant roster of 17 or fewer boutique firms."
The fairy godmother responsible for this act of real-estate witchcraft is national investment firm LCOR, Inc.
Law firms and financial services companies in search of new digs should be advised to vacate the premises each day before midnight, when--poof!--the high-end tower reverts to a demolition zone, its "five-star hotel-like" porcelain and enamel bathrooms become port-a-johns, and its "exclusive concierge services" are reduced to a shabby Mailboxes, Etc. location down the block.
Actual details are as follows:
“CINDERELLA STORY” OFFICE BUILDING DESIGN RELEASED
--Plaza District Office to Offer Full-Floor Presence for Select
Financial and Law Firms--
NEW YORK, April XX, 2007 – Designs for a “Cinderella Story” office building in the Plaza District were unveiled today by LCOR, Inc., a national real estate development and investment firm. The 17-story building at 545 Madison Avenue on the corner of 55th Street will be stripped to its frame and transformed into a Class A “Trophy” boutique office building.
The comprehensive project will include a contemporary modern floor-to-ceiling glass curtain wall and the installation of state-of-the-art electrical, HVAC and mechanical systems, with an expected LEED Gold rating. The new building will offer prime space to a limited number of tenants desiring full-floor occupancy in the Plaza District. This “Cinderella Story” transformation, taking place in one of Manhattan’s most coveted business venues, will offer a contemporary, high-end office building.
“This rare opportunity to recreate a Plaza District office building from scratch will allow us to provide space to an upscale, yet limited, tenant roster of 17 or fewer boutique firms,” explained David A. Sigman, senior vice president of LCOR. “545 Madison will offer the kind of top-tier quality space that only a handful of buildings in the city possess. The building is destined to become the new jewel of Madison Avenue.”
With design amenities such as floor to ceiling windows, individually controlled heating and air conditioning systems, full-floor identity, and premium concierge services, elite boutique financial services companies and law firms will feel at home in this modern office building. 545 Madison Avenue will offer views of one of Manhattan’s most esteemed streets and its stunning skyline, while allowing natural sunlight in throughout the day.
With a combination of Pietra Cardosa smooth stone, California Maple Burl wood veneer panels, and Moncervetto marble adorning the lobby, as well as five-star hotel-like restrooms with porcelain enamel and marble, this address projects an image of its tenants and their clients worthy of their high stature. Additional aesthetic touches in the lobby include a major art installation, seating areas, and spectacular lighting.
545 Madison Avenue features 50 feet of frontage on Madison Avenue and 125 feet along East 55th Street. The full range of amenities offered to each tenant also includes individualized access to back up power as well as HVAC controls, 24-hour security, and floor plans ranging from 4,900 to 9,300 square feet. The ground floor and cellar will house 7,080 square feet of retail space.
LCOR signed a 75-year lease for the building in November 2006, and demolition began in March 2007. The building will contain 140,000 square feet in rentable commercial space. Tenancy is expected in Spring 2008.
The partnership developing the project includes LCOR, Lehman Brothers and BlackRock Realty.
LCOR is tapping the New York City architecture firm of Moed de Armas & Shannon to design the new space. Peter Riguardi, Frank Doyle, Lisa Kiell and David Kleiner of Jones Lang LaSalle will serve as leasing agents for the building’s office space and Susan Kurland of CB Richard Ellis will lead the leasing effort for the retail space.
LCOR is a national real estate development, investment and asset management firm that specializes in multifamily, commercial and mixed-use development, public/private development and transit-oriented development. With projects throughout the United States, LCOR has more than $8 billion in developments completed, under construction or in pre-development. LCOR has developed more than 16 million square feet of commercial space nationally. The firm developed the $1.4-billion Terminal 4 at JFK International Airport.
