Fully repositioned, Class A property in Manhattan’s tightest submarket offers a headquarters block opportunity, including retail presence, and is steps from Grand Central Terminal
JLL announced today it has been retained by Barings, one of the world’s largest diversified real estate investment managers, as exclusive leasing agent for 340 Madison Ave., a 22-story, 760,000-square-foot office property located in the Grand Central Submarket of Midtown Manhattan.
Barings recently took control of the property, which boasts a variety of offerings, including a large contiguous block, as well as full floors and prebuilds. Located between East 43rd and East 44th streets, the Class-A office building recently underwent a $40 million repositioning that included a new lobby and retail spaces to complement unique anchor tenant opportunities.
A 10,000-square-foot amenity center on the second floor includes a flexible conference center that can be adapted for small and large meetings, a boardroom, tenant lounge with modular social spaces, pantry, and travel showers. JLL is working with Barings to evaluate select additional reinvestments in the asset to maximize leasing potential.
Mark Freeman, a Managing Director on Barings’ Real Estate Equity Asset Management team, commented, “We’re excited to partner with JLL to bring leading tenants to 340 Madison Ave. as we further optimize this Class A building in Manhattan’s hottest submarket. Their market expertise and strategic approach give us full confidence that our asset will attract the right businesses looking for a prime location.”
The JLL leasing team for 340 Madison includes Vice Chairmen Paul Glickman, Matt Astrachan and Cynthia Wasserberger, Executive Managing Director Dan Turkewitz, and Senior Vice President Harrison Potter.
Said Glickman, “340 Madison is a unique large-block offering in a high-demand location with increasing supply constraints. The availability of headquarters-sized opportunities in a recapitalized building with strong and stable new ownership will be highly attractive in today’s competitive market.”
According to JLL Research, there was more than 2.3 million square feet of leasing in February alone in Manhattan. Midtown continued to attract the vast majority of activity, accounting for over 61 percent of all leasing so far this year.
With more aggressive attendance mandates and a net negative inventory environment over the foreseeable future, JLL expects existing supply pressures could grow significantly over the next several years. Less than 3.3 million square feet of new office space is under construction in the city, most of which is pre-leased or owner-occupied.
JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
About Barings
Barings is a $421+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
* Assets under management of December 31, 2024
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 ® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY SM . JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
