Broadway Partners leases 120,000 s/f at 340 Madison Ave., Manhattan

Broadway Partners, a national private real estate investment and management firm headquartered in New York, has inked an 11-year, 120,000 s/f lease at 340 Madison Ave. The lease transaction will bring Fortune 500 technology company SunGard to the property, which is now nearly 80% occupied. The lease is the latest positive development for Broadway Partners since the firm purchased 340 Madison Ave. in November, 2006 on behalf of its Broadway Partners Value-Added Fund II, which targets value-added opportunities in the office sector in primary North American markets. Since the acquisition, the firm has succeeded in steadily increasing both occupancy and rents. When purchased, the property was slightly more than 40% occupied, according to the firm. Jeffrey Mack of GVA Smith Mack and Michael Ippolito of Newmark Knight Frank represented the tenant. 340 Madison Ave. is a 22-story, 748,000 s/f, class A office building located one block from Grand Central Station and spans the entire westerly Madison Ave. blockfront between 43rd and 44th Sts. Originally built in 1928 and completely redeveloped in 2006, the property is in Midtown and includes over 400 ft. of retail frontage at a prime retail location.