The Colliers International Tri-State team of Chairman Robert L. Freedman, vice chairman Alex Jinishian, and director Seth Hecht and Associate Timothy Pond, has been retained as the exclusive leasing agent and property manager for 501 Madison Avenue.
The owners took full possession of the 30-story, 185,000 s/f art deco property in June when the ground lease expired after eighty-four years.
An extensive redevelopment plan calls for a new building entrance and lobby, designed by HLW Architects.
Retail upgrades include new bronze clad storefronts designed by Design Republic. Additional upgrades include new elevator cabs and mechanicals, multi-tenant common areas, new windows, restrooms, as well as a new 400-ton cooling tower, slated for completion in the first quarter of 2014.
17 new leases have been signed an d several tenants have expanded within the building. Approximately 70,000 s/f of remaining office space is available.
Kevin R. Wang, of KRW Realty Advisors, LLC, represents the ownership group. “In 501 Madison Avenue we are transforming this classic, boutique officer tower into a meticulously restored and modernized Midtown gem,” Wang said.
“By renovating its physical presentation and operating systems we are re-introducing an asset befitting today’s marketplace,” Freedman said. “Rarely does such a remarkable Midtown asset become available for a multi-system reposition and redevelopment.”
501 Madison’s floor plates range from 1,826 to 8,938 s/f.