http://www.cpnonline.com/cpn/propert..._id=1003601133
GVA Williams Repositioning 655 Madison into Luxury Office
June 20, 2007
By Amanda Marsh, Associate Editor
A major renovation is underway at 655 Madison Ave., a 25-story office tower in the Plaza District of Manhattan. Principals of GVA Williams, who are the general partners of Plaza Madison Associates, will reposition the building as a luxury office tower.
Changes to the building (pictured) will include a new façade, renovated terraces, installation of new glass walls, a state-of-the-art lobby, new elevator cabs, upgraded mechanical systems and new bathrooms.
The vacant floors will be completely gutted and built out to fit the needs of individual tenants moving in.
The renovations, which will be completed by next year, amount to the virtually complete construction of a brand new building in the Plaza District.
A build out price has not been released yet, but the Plaza District’s market conditions are “extremely strong” and justify the costly renovations at this time, Jerome Cohen, GVA Williams’ chairman, told CPN. “We have an enormous amount of confidence in the property, and we wanted to make it one of the best in the area.”
And the Plaza District conditions are indeed strong--office rents command between $125 and $150 per square foot for some of the best spaces.
Another repositioning project is taking place at 545 Madison, which LCOR Inc. is gutting and transforming into a Class A office tower with a minimum silver-LEED rating.
655 Madison houses retail tenants such as Donna Karan, Anne Klein and Anya Hindmarch, as well as office tenants Loews and Estée Lauder. This is the second major renovation project to the building, which was built in 1951 and purchased by Williams Real Estate Co. (now GVA Williams) in 1971. Shortly afterwards, the ownership upgraded the building by relocated the main entrance and lobby from Madison Avenue to East 60th St., which allowed for an increase in retail space on the building’s Madison Avenue Side.
Along with renovations, approximately 90,000 square feet of space may become available, including a contiguous block of 55,000 square feet, as some tenant leases expire around the same time. Cohen said that GVA Williams has already received several inquiries for space in the building.
Architect Richard Hayden of Swanke Hayden Connell will design and oversee the transformation of the building’s exterior and public areas. The firm also designed and supervised replacements of 320 Park Avenue and 130 East 59th St.’s facades, designed Trump Tower on Fifth Avenue and 58th St. and redesigned One New York Plaza in Lower Manhattan. Hayden was also hired by the U.S. government to restore the Statue of Liberty.