By Alex Girda, Associate Editor
Hot on the heels of the New York Fashion Week, HFF announced it has secured financing for a Manhattan office tower formerly known as “The Lingerie Building.” The company’s debt placement team, working on behalf of an institutional investor, was led by Senior Managing Director Michael Tepedino and Managing Director Michael Gigliotti.
HFF secured $110 million first mortgage financing with help from J.P. Morgan Chase Bank, N.A. and Landesbank Hessen-Thuringen Girozentrale. The office tower located at 180 Madison Ave. in Manhattan offers a total of 280,953 square feet of space. Almost 90 years of age, the property is set to exit an extensive renovation process that aims to fully reposition the process as an upscale office asset. The Lingerie Building now has a new lobby, elevators, windows, and received electrical upgrades.
According to a press statement announcing the financing measure, the building currently operates at 28 percent vacancy. The 23-story property’s largest current tenants are The Rubicon Project and Unified Social. The owners have been able to improve space due to recent rollover at the property and the asset now caters to a wider range of tenants, with special interest being visible from the tech sector. This is in large part due to an increased tech sector presence in the Midtown South submarket.
Image courtesy of Google Streetview