AKS Capital Partners arranged a $749 million refinancing from Brookfield for Milstein Properties to support the redevelopment of 335 Madison Avenue.
The debt will be used to enhance the ongoing redevelopment projects throughout the 1.1 million-square-foot, Class A office building, to bolster leasing efforts and to refinance the existing loan.
The transaction is among the largest New York City financings this year.
335 Madison has been reimagined as The Company Building, a vertical campus and community next to Grand Central Terminal.
Its interiors have been designed with a hospitality-first approach. Amenity offerings include a wellness center, outdoor space, dining venues and a theater for both public and private programming.
Company, which has helped more than 100 seed companies grow to scale, more than doubled its footprint in the building to 250,000 s/f, serving as the foundation of the building’s innovation ecosystem.
The building offers a turnkey solution for large, enterprise companies looking to build a campus experience, according to AKS Capital Partners’ founder, Aaron Appel who, along with co-founding partners, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Michael Diaz, all formerly of JLL, arranged the transaction for Milstein Properties with Brookfield.
Brookfield was represented by Victoria Schusterman at Gibson, Dunn & Crutcher LLP.
“This exciting project will revitalize East Midtown and its hospitality and technology amenities will allow tenants to attract the best talent in a competitive global marketplace,” said Timothy McGuire of Brookfield Real Estate Financial Partners.
Added Appel: “With its unparalleled amenities package, positioning as New York City’s first vertical innovation campus and irreplaceable Grand Central Station location, Milstein Properties is once again delivering the city of New York a uniquely desirable asset represented by The Company Building at 335 Madison Avenue. Its combination of extraordinary features drove significant interest from the lending community.”
Milstein Properties is currently implementing a renovation, led by SHoP Architects. Company’s offices house a combination of startup and enterprise tenants, offering them the opportunity to connect and collaborate.
Brands like Accenture, Microsoft, Google and IBM can access the cutting-edge startups and talent of Company, simultaneously offering startups access to some of the most experienced and connected names in tech.