340 Madison Avenue

Redeveloped in 2003 and originally dating from 1921, the 21–story, 740,000–square–foot 340 Madison Avenue is perhaps the Grand Central submarket's most modern Class A office tower.

Originally designed by architects Pickering & Walker and Starrett & Van Vleck, the 21-story 340 Madison Avenue offers 740,000 square feet of modern Class A office space just one block from Grand Central Station. Completely redeveloped in 2003 by the Macklowe Organization in a $100 million effort led by architects Moed de Armas & Shannon and Gensler, the 740,000-square-foot tower is now owned by RXR Realty after its 2010 acquisition from Broadway Partners.

The $100 million renovation replaced elevators, building systems, and overhauled the tower’s external appearance: its dated masonry facade was removed and modern blue and green glass was installed. In fact, 340 was one of Madison Avenue’s last masonry towers. Finished 9-foot ceilings are found on typical floor plates of 30,000 to 40,000 square feet. And a new lobby – moved from 43rd Street to Madison Avenue, and featuring a soaring 18-foot ceiling and polished limestone paneling – was also designed to serve as a showcase for industrial products of interest to building tenants, with lighting and presentation effects mimicking those found in Broadway theaters. In 2010, 340 Madison earned an Energy Star with a score of 77.

Located on an entire block of Madison Avenue between 43rd and 44th Streets and featuring over 400 feet of street-level retail frontage, 340 Madison Avenue was formerly known as the Canadian Pacific Railroad Building and was originally built in 1921. Today, the tower is home to an impressive roster of professional services tenants, including the law firm McDermott Will & Emery, PNC Bank, and Massachusetts Mutual Life Insurance. Tech sector tenants also enjoy the tower’s easy access to Madison Avenue’s advertising corridor: in 2011, the microblogging service Twitter opened its first office at 340 Madison Avenue, subleasing 11,000 square feet from Facebook (which relocated within walking distance to 335 Madison).

Some interesting history: on the tower’s 43rd Street side, the classical revival-style Fifth Church of Christ, Scientist is sandwiched into the first two stories of 340 Madison. This quirk exists because – when the Canadian Pacific Railroad issued bonds for the original tower – the church negotiated a long-term lease as a component of the bond offering.

Address
340 Madison Avenue, New York, New York  
Submarket
Grand Central 
Certifications
Energy Star 
Stories
21 
Owner
RXR Realty 
Architect
Moed de Armas & Shannon 
Year Built
1921; redeveloped in 2003 
Square Footage
740,000 square feet; 30,000 to 40,000–square–foot floor plates 
Notes
Earned Energy Star in 2010 with score of 77; formerly known as Canadian Pacific Railroad Building. Notable tenants include Twitter and McDermott Will & Emery.