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Article: Madison Square Building: classic property returns. (New York, New York building renovated)
- Article from:
- Real Estate Weekly
- Article date:
- September 30, 1992
CopyrightCOPYRIGHT 1992 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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15 East 26th Street, the 20-story brick-and-granite Madison Square Building, was, in 1990, when acquired in an all-cash transaction by Schroder Real Estate Associates on behalf of a limited partnership of corporate pension funds, suffering nearly 30 percent vacancy. To Schroder, it was ideally positioned for substantial renovation and value creation. The main objective was to convert an under-managed, yet well-located, secondary office/showroom building to a full-service primary building -- and since the commencement of renovations, over 100,000 square feet of showroom and office leasing has occurred.
A classic building of sound quality with handsome architectural ...
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