A partnership between Loeb Partners, Jamestown, and George Comfort & Sons named 63 Madison Associates has secured a $313.5 million loan from the Bank of China for 63 Madison Avenue in Manhattan. The loan replaces old debts on the property and provides the owners with capital to complete renovations on the building. The Real Deal reports that Jamestown bought a 49% stake in 63 Madison Avenue earlier this year for $271 million, as well as a stake in George Comfort & Sons and Loeb Partners’ 26-story, 750,000-square-foot 200 Madison as part of the same transaction, paying $293 million.
63 Madison Avenue was originally completed in 1961 and occupies the entire block between East 27th and 28th Streets. The 15 story, 870,000 square foot office building is currently 100% leased with major tenants including IBM and Birchbox. This isn't the first time the Bank of China has provided a loan on the property, having issued a $152.3 million loan in February of 2015 and $150 million in February 2010. Renovation plans have not been disclosed, but New York-based Rosen Johnson Architects released designs to convert the ground-floor conference center to retail use with new storefronts, signage, easier access to stores and greater visibility overall.
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