Green Tide Turning: 545 Madison Avenue Now Half-Filled with Tenants

After closing 4 deals over the past month totaling close to 30,000 square feet, the LEED-certified 545 Madison Avenue is now over 50 percent leased.

We’ve covered 545 Madison Avenue in some detail here at gbNYC and, last week, the tower hit an important milestone that’s worth noting: after closing 4 deals over the past month totaling close to 30,000 square feet, the LEED-certified building is now over 50 percent leased.

Certified Gold back in September of 2009 by USGBC under the LEED for Core and Shell rating system, the 17-story building reopened in 2008 with the intention of targeting 17 or fewer boutique financial services and law firms, according to developer LCOR. The great recession put a crimp in those plans, and LCOR signed deals with whomever it could – including the Home Shopping Channel – at asking rents in the mid-$60s per square foot.

However, 545 Madison’s four recent deals were each with financial services firms, including a 5-year deal for 8800 square feet for the entire tenth floor of the building with BHR Capital, and were back at asking rents in the mid-$70s per square foot – more anecdotal evidence that the marking for commercial office space in Manhattan - green or otherwise – seems to be picking back up here in the first quarter of 2011. LCOR’s David Sigman also has a neat quote in the New York Observer piece noting the transactions: “we found a brouchure from 1955 talking about the location and how good the air-conditioning was. Nothing has really changed since then.”

545 Madison Avenue was the 27th LEED Gold certification awarded by USGBC here in New York City. You may recall that the gut renovation of the original building – which dated from 1956 – was executed by Bovis and designed by New York City-based Moed de Armas & Shannon Architects. The 140,000-square-foot tower was stripped down to its structural frame and received a new floor-to-ceiling glass curtain wall and high-performance HVAC, electrical, and mechanical systems.

Other green features at 545 Madison include low-VOC materials, FSC-certified wood products, and post-industrial and post-consumer recycled steel, carpeting, gypsum wall board, and insulation. Individual offices boast their own thermal controls and 93 percent of interior spaces receive natural daylight. Bathrooms feature efficient plumbing fixtures and the tower includes a number of renewable power installations.

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