JV Lands $386M Refi for Midtown Manhattan Office Tower
The property is one block from the Empire State Building.
Image courtesy of George Comfort & Sons
A joint venture of Loeb Partners Realty, Jamestown and George Comfort & Sons has received a $386 million refinancing loan for 200 Madison Ave., a 750,000-square-foot office tower in Manhattan’s Grand Central district. New York Life issued the five-year, floating-rate note, which has a three-year initial term and two 12-month extension options.
The refinancing retired the existing debt and funds ongoing leasing activity. Newmark and Estreich & Co. arranged the financing.
The property has been under Loeb Partners’ ownership since 1994, when the property last changed hands. In 2016, Jamestown purchased a 49 percent stake in the asset as part of a larger, $1.2 billion deal.
The refinancing of 200 Madison Ave. comes shortly after Havas Health expanded and extended its headquarters lease at the property by another 15 years, bringing its footprint to 254,118 square feet. The roster also includes architecture firm Spector Group, as well as multiple law offices, among others.
Manhattan’s average office listing rate clocked in at $72.70 per square foot in August, up 6.9 percent year-over-year, according to a recent Yardi Matrix report. The borough is not only the most expensive market in the U.S.—with San Francisco coming in second at $65.41 per square foot—but it has also become the tightest, with vacancy at 10.2 percent, down a steep 340 basis points in the 12 months ending in August.
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Estreich & Co. President & Founder Jonathan Estreich, Analyst Peter Duncan and Egor Petrov, together with Newmark Co-Head of Capital Markets Adam Spies, Executive Vice Chairman Adam Doneger and Managing Director Willis Robbins procured financing.
Newmark ranks at the top of the list for the largest commercial real estate lenders, having arranged more than $72.4 billion in debt an equity placements across 12 months ending in September 2025, marking a 49.6 percent increase year-over-year in total origination volume.
A closer look at 200 Madison Ave.
The Midtown office tower has recently undergone a capital improvement program, covering the entrance and lobby. George Comfort & Sons, which is also in charge of leasing, is planning an 11,000-square-foot indoor-outdoor amenity center on the 10th floor, set to include conference rooms, a game area, lounge, event space and sky garden.
Originally completed in 1926 as mixed-use, 200 Madison Ave. rises 26 stories, with floorplates ranging from 11,254 to 46,500 square feet. The LEED Gold-certified property includes a total of 50,000 square feet of retail space and is located one block north of the Empire State Building.
Recent noteworthy refinancing deals in Manhattan include the $293.2 million package Aurora Capital and William Gottlieb Real Estate received for the recapitalization of 30 Tenth Ave. Similarly, Global Holdings secured $382.4 million in financing for 120 Park Ave., its 620,000-square-foot Midtown office property.
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