200 Fifth Avenue

Property Overview:
Located at the crossroads of the busy 23rd Street corridor and Madison Square Park, 200 Fifth Avenue is a 14-story, 845,000 square-foot landmarked building located in the Midtown South submarket of Manhattan.  Originally built in 1910, 200 Fifth Avenue was honored as BOMA’s Redevelopment of the Year in 2011.

Investment Strategy:
L&L quickly recognized 200 Fifth’s greater value as a commercial headquarters rather than the previously planned residential condominium conversion, and implemented a strategy that included:

• A complete renovation that preserved the building’s timeless architectural appeal and attributes while creating a Class A state-of-the-art, LEED Gold-certified headquarters destination.  This was New York City’s first landmark building to achieve such a designation.
• A consolidation of ground floor space to attract a single high-end anchor retail tenant to elevate the perception of the property.

Value Created
The $120 million redevelopment program was completed on time, within budget and without change-order, and allowed L&L to:

• Secure globally-recognized high-credit office tenants, including Tiffany & Co. and Grey Advertising, both of which relocated from Midtown at record rents for the Midtown South submarket.  These tenants were attracted to the high-value asset and top-quality product created, in addition to L&L’s solid reputation as both an owner/operator.
• Attract internationally-acclaimed retailer Eataly for its inaugural U.S. store as the anchor retail tenant.
• Overcome mezzanine lender default and execute a recapitalization, including an equity infusion and a senior loan restructuring.
• Revitalize the Madison Square Park area.