Madison Capital Taps JLL to Lease 71 Fifth

By Corina Stef

71 Fifth Ave., New York City

Madison Capital has named JLL the office leasing agent for its Midtown Manhattan property, 71 Fifth Ave. JLL Vice Chairman Mitchell Konsker, Executive Vice President Daniel Turkewitz and Senior Vice President Benjamin Bass will lead the leasing and marketing efforts, accompanied by Madison Capital Partner J. Joseph Jacobson, Managing Director Jonathan Ratner and Vice President Justin Cesario. Although the building is currently fully leased, it will have 15,389 square feet of vacant office space on the fifth floor starting in September. The owner acquired the leasehold interest in the property in February from Samco Properties for a reported $85 million, public records show.

The 11-story, Class A office building was constructed in 1906, and comprises 114,421 square feet of office space and 17,700 square feet of retail space, Yardi Matrix data shows. Madison Capital hired award-winning architecture firm Fogarty Finger to renovate it, with plans to upgrade the lobby and entrance, change the elevator cabs and add new mechanical systems.

The building is located in Manhattan’s Flatiron District, minutes away from Union Square Park, retailers, restaurants, banks, museums and schools. It is also in close proximity to bus and bike sharing stations. Ovation Corporation Travel is the anchor tenant of 71 Fifth Ave. Other tenants include Allison+Partners, FHI 360, Miller Advertising and Atrium Staffing.

“Located on lower Fifth Avenue and with close proximity to Union Square, the building is properly positioned as one of Midtown South’s most exciting, boutique office properties,” Konsker said in a prepared statement.

In another recent deal, JLL was named exclusive leasing agent for Global Holdings’ Nomad Tower in Manhattan’s Midtown South neighborhood.

Image courtesy of JLL