George Comfort & Sons completes $386 million refinance of 200 Madison Ave.

Manhattan, NY George Comfort & Sons, and its partners Loeb Partners Realty and Jamestown, completed a $386 million refinancing of 200 Madison Ave., its 750,000 s/f Grand Central district office tower.

New York Life provided the five-year floating rate loan, structured with a three-year initial term and two 12-month extension options. Proceeds will be used to pay off 200 Madison Ave.’s existing debt and fund ongoing leasing.

The refinancing follows an August agreement with Havas Health for a 15-year extension and headquarters expansion, which grew the global firm’s footprint to 254,118 s/f at 200 Madison Ave. Other notable office tenants include architecture practice Spectorgroup and boutique law firm BraunHagey & Borden. The tower’s retail roster features fitness operator TMPL and furniture brand Roche Bobois.

Jonathan Estreich, Peter A. Duncan and Egor Petrov of Estreich & Company and Adam Spies, Adam Doneger and Willis Robbins of Newmark assisted in arranging the transaction.

“This refinancing underscores the lending community’s confidence in office assets like 200 Madison Ave. that are defined by top-tier amenities, unrivaled location and strong sponsorship,” said George Comfort & Sons president and CEO Peter S. Duncan. “Combined with our ongoing renovation program and leasing momentum, this transaction positions 200 Madison for continued success.”

George Comfort & Sons recently completed an expansive renovation of the tower’s Madison Ave. entrance and lobby to create a more welcoming arrival experience. The firm is also creating an indoor-outdoor amenity center on the 10^th floor. The new 11,000 s/f space will incorporate executive conference rooms, a game area, lounge and event space, as well as an expansive outdoor sky garden with striking skyline views and outdoor seating.

Built in 1926, the 26-story tower boasts flexible floorplates, generous ceiling heights, and light-filled workspaces. Located at the center of Manhattan’s main transportation hubs, 200 Madison Ave. is one of the city’s most accessible buildings. Grand Central Terminal, Herald Square and Penn Station, as well as several subway and bus lines, are all within walking distance.