L&L Holding Company, in conjunction with Clarion Partners, LLC, the investment manager for the owner of 390 Madison, the New York State Common Retirement Fund, announced today that its dramatic reinvention and redevelopment of 390 Madison Avenue has claimed yet another prestigious award from the real estate, construction and architecture worlds.
The Building Owners and Managers Association (BOMA) of Greater New York has recognized the transformative 930,000 square-foot office tower as the winner of its coveted 2021 Pinnacle Award in the “New Construction” category.
The Pinnacle Award, which recognizes premiere buildings and people in the city, is one of the highest honors bestowed by BOMA upon a property. L&L and Clarion were recognized for their excellence in transforming an antiquated 1950’s era tower into a taller, sleeker and ultra-modern workplace.
This award is third BOMA Pinnacle Award for L&L and the seventh major award win for 390 Madison overall. In 2011, L&L was recognized with a Pinnacle Award in the “Renovated Building” category for its reinvention of 200 Fifth Avenue, and in 2001, earned the “Building of the Year” award for its restoration and renovation of 150 Fifth Avenue.
Designed by Kohn Pedersen Fox (KPF), 390 Madison redevelopment redefined what was previously thought possible in New York City’s challenging commercial real estate market. In a remarkable feat of engineering, crews removed millions of pounds of steel and concrete from the base of the building and replaced it with eight new floors at the top, bringing the original 291-foot tall structure to its new height of 373 feet. The remassing allowed L&L to open up the building’s floorplates, create massive new column free-spans, and produce a series of light-filled, double-height floors and a triple-height amenity space.
“We are incredibly honored and proud that 390 Madison has been recognized by BOMA’s Pinnacle Awards, a program that emphasizes the highest standards and inspires innovation within New York’s commercial real estate industry,” said L&L Holding Chairman and CEO David Levinson. “This award is a validation of our team’s audacious effort to completely reinvent and revitalize an aging office tower while remaining within the confines of an as-of-right redevelopment.”
390 Madison also features a new energy-efficient façade that replaced the original heavy, opaque blue curtain wall with transparent floor-to-ceiling glass. Upon its completion, 100% of its office and retail space had already been leased by JPMorgan Chase, prestige beauty company Shiseido Americas Corporation, and law firm Hogan Lovells.
In addition to the BOMA Pinnacle Award, 390 Madison has earned the 2020 American Architecture Award in the “Skyscraper/High Rises” category; the 2019 Gold Distinguished Achievement Award in the “Repositioning/Redevelopment” category from Commercial Property Executive; the 2018 MIPIM Architectural Review Future Project Award in the “Best of Old and New” category; the Iconic Award from The German Design Council in 2018; a 2016 Merit Award from the American Institute of Architects New York (AIANY); and shortlisted in the “Office – Future” category of the World Architecture Festival Awards in 2016.
L&L is currently in the midst of several other complex, city-shaping projects. In West Chelsea, L&L and its partner Columbia Property Trust recently closed on a $1.25 billion construction financing package at Terminal Warehouse, a 1.2 million square-foot self-storage facility that is being transformed into a healthy, high-performance workplace and retail destination.
In the Plaza District, L&L is expecting move-ins to occur before end of the year at 425 Park Avenue, the first full-block office tower to rise on that iconic stretch of Park Avenue in more than half a century. Designed by Pritzker Prize-winning architect Lord Norman Foster, the tower has been designed and built to meet the stringent standards for WELL-certification. The tower will feature abundant natural daylight on every floor, the freshest and highest-quality indoor air available, and a triple-height amenity floor highlighted by a by Yayoi Kusama art installation and transcendental meditation by the David Lynch Foundation.
In Times Square, construction is underway at TSX Broadway, a $2.5+ billion mixed-use development featuring a 669-room lifestyle hotel, experiential brand and retail space, a revitalized Palace Theatre and Times Square’s first permanent outdoor stage. L&L is also actively expanding into Florida with projects in Miami’s Wynwood neighborhood and downtown West Palm Beach.
BOMA winners were evaluated by a peer-reviewed jury system. 390 Madison Avenue will now automatically advance to compete at BOMA’s regional awards and then the BOMA International TOBY (The Outstanding Building of the Year). For more information, please visit the BOMA New York website at: https://www.bomany.org/
ABOUT L&L HOLDING COMPANY
L&L Holding Company is a privately held, vertically-integrated real estate company founded in 2000 by David Levinson and Robert Lapidus that has acquired or developed over 10 million square feet of prime commercial and residential space in New York and Florida. The company’s current portfolio includes such current and future icons as 425 Park Avenue, 390 Madison Avenue, Terminal Warehouse, TSX Broadway, 200 Fifth Avenue, The Wynwood Plaza, and Central Gardens Grand. For more information, visit www.ll-holding.com.
ABOUT CLARION PARTNERS LLC
Clarion Partners, LLC has been a leading real estate investment manager for more than 39 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With more than $63 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 institutional investors across the globe. More information about the firm is available at www.clarionpartners.com.
