Macklowe Props. closes on $329m construction loan for 510 Madison

Macklowe Properties has closed on $329 million of new construction financing for 510 Madison Ave., its 30-story glass office building now rising at the southwest corner of 53rd St. in the exclusive Plaza District. The financing was provided by the Union Labor Life Insurance Company and Deutsche Bank. Richard Horowitz of Cooper Horowitz arranged the financing. The glass building is scheduled to open in October, according to Macklowe president William Macklowe. 510 Madison will contain 350,000 s/f of class A office space on full floors of 11,500 and 16,500 s/f along with a host of environmental and "quality of life" amenities, including a spacious tenants only membership health club. The building, which is pursuing LEED gold certification, will also feature a garden terrace and space has been set aside for a restaurant on the lobby and concourse levels. The executive architect for 510 Madison Ave. is SCLE Architects with collaboration from design architect Moed de Armas & Shannon.