New York Life Provides $386 Million Refinancing for 200 Madison Avenue Office Tower

A joint venture comprising George Comfort & Sons, Loeb Partners Realty, and Jamestown has successfully obtained a $386 million floating-rate loan from New York Life. This financing is designated for the refinancing of their 750,000-square-foot office tower located at 200 Madison Avenue in Midtown East, near Grand Central Terminal. The loan features an initial term of three years, with options for two 12-month extensions.

The refinancing follows a recent 15-year lease extension and expansion by Havas Health, which increased its global headquarters space within the building from 189,461 to 254,118 square feet. Other tenants include Spectorgroup and BraunHagey & Borden. Peter S. Duncan, President and CEO of George Comfort & Sons, highlighted the lending community's confidence in well-located office assets with strong amenities and sponsorship.

The 1926-built property has undergone recent renovations, including its lobby, and is adding 11,000 square feet of new amenity space on the 10th floor. This transaction signals continued investment in prime office assets, particularly those with strong tenant commitments and ongoing capital improvements, which can influence valuation and financing terms for similar properties in the market.