515 Madison Avenue Pursues LEED-EB, Inks Trio of Tenants

A trio of recent deals at 515 Madison Avenue highlight the neo-classical tower’s recent facelift and pending LEED-EB: OM application.

Thanks, perhaps, to a $5 million facelift and LEED-EBOM application, 515 Madison Avenue (at East 53rd Street) has been a recent bright spot in an otherwise unspectacular Manhattan commercial real estate market thus far in 2009. Recently, three deals were finalized at the 42-story tower: (1) a 22,300-square-foot, 15-year lease at $65 per square foot on the building’s fourth and fifth floors for the Memorial Sloan-Kettering Cancer Center; (2) a 9100-square-foot, 10-year lease for communications company Kreab & Gavin Anderson Worldwide, which will take the entire 18th floor at $65 per square foot; and (3) 1900 square feet to Hamilton Investment Funds over five years for half of the tower’s 27th floor at $67 per square foot.

Newmark Knight Frank chair Jeffrey Gural owns the neo-classical 515 Madison, which was built in 1931 and originally designed by J.E.R. Carpenter. Gural retained Rosen Johnson Architects in connection with the building’s renovation project, which included an expansion and upgrades to the building’s lobby. The porte-cochere (carriage door) Madison Avenue entrance was redesigned to emphasize the building’s signage by allowing natural light to penetrate its canopy.

In addition to its pending LEED-EB application, the building is also pursuing LEED-CI certification for its 13th and 14th floors, where green design features include recycled-content carpets, lighting occupancy sensors, and dual-flush toilets. Gural plans on renovating additional floors in the tower to LEED-CI specifications moving forward. 515 Madison joins a number of other Plaza District office buildings that are seeking LEED certification, including 510 Madison and 545 Madison, both of which we’ve discussed previously here at gbNYC.

About Stephen Del Percio

Stephen Del Percio has written for gbNYC+ since 2006 and currently serves as in-house counsel for one of the world's largest engineering, construction, and technical services companies. He earned a B.Eng. from Columbia, his J.D. at William & Mary, and lives in New York City with his wife and daughter. You can follow Stephen on Twitter, email him at stephen@gbNYC.com, or join gbNYC on Facebook to continue the conversation.

about gbNYC

gbNYC is a multi-disciplinary consulting and real estate services firm. In addition to representing office tenants and commercial buyers in leasing and acquisitions, we also provide innovative consulting solutions from a unique, green building perspective. We advise on green building financial incentives, comment on proposed green building marketing strategies, author white papers, treatises, and market analyses, organize seminars on the LEED process and professional accreditation, and provide advice and analysis on green building risk management and the overall state of green real estate, leasing, and construction, in New York City and beyond.

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