Portfolio » 11 Madison Avenue
ELEVEN MADSION AVENUE is a premier, Class A headquarters office property located in the Madison Square Park area of Midtown Manhattan. Completed in three phases between 1932 and 1950, ELEVEN MADISON AVENUE underwent a renovation approaching $400 million between 1994 and 1997 transforming this Property from a pre-war corporate headquarters facility to a distinguished, state-of- the-art world headquarters building. The property’s renovation strictly followed the guidelines established by the Secretary of the Interior’s Standards of the Treatment of Historic Properties maintaining the exceptional architectural details of the façade and lobby. As part of the renovation, the Property’s classic Rockwood Aday Variegated Alabama limestone and Deer Island granite exterior was completely refurbished. Further renovations included replacement of the window, mechanical, electrical and plumbing systems.
The approximately $400 million renovation effectively recreated ELEVEN MADISON AVENUE as one of the most technologically advanced properties in New York City and established the Property as a highly sought-after building due to its modern building systems, large floorplates, high ceiling heights on the lower levels, elegantly appointed main lobby, amenity-rich location and attractive market rents.
Credit Suisse First Boston, the Property’s anchor tenant, has built-out its corporate space to the highest standards serving the needs of an image-conscious, global financial services firm that requires state-of-the-art facilities, advanced telecommunication system and on-site executive amenities. CSFB has also invested significantly in the property, including trading floors spanning two, 100,000 square foot floors for equity and fixed-income, back-up power generators and fuel storage designed to allow CSFB to operate in an emergency situations, many high-tech conference and meeting spaces to accommodate the needs of upper management of the world’s most powerful corporations, and many other costs that go into physically building out and intellectually branding a corporate headquarters.
Property History
MetLife developed the Property as part of its headquarters complex in three phases: from 1929 to 1938, half of the building was built along Park Avenue between 24th and 25th Street; the northwest section of the building was completed between 1938 and 1941; and the final phase, the southwest quadrant, was completed between 1947 and 1950.
ELEVEN MADSION AVENUE was originally designed as a 100-story tower, which would have made it the tallest building in the world at that time. However, following the Great Depression, plans were scaled back to the building’s present design. In the 1990s, MetLife redeveloped the Property, combining its elegant art deco architecture with the technology and system required by today’s most demanding tenants. Currently, the Property is nearly100% leased with Credit Suisse First Boston occupying 85% for its world headquarters. Other high profile tenants include Weight Watchers, IBM, Gould Paper and Omincom/OMD.
Design Features
D. Everett Ward and Harvey Wiley Corbett designed ELEVEN MADSION AVENUE with the highest level of construction quality and attention to detail. The lobby’s three-story vaulted ceiling and ornate light fixtures create an impressive sense of arrival for tenants and visitors to the building. The floor and wall detail consists of travertine and Italian Cremo marble and Tennessee granite. Detailed sculptures in the lobby represent the five insurance ideals of Health, Industry, Thrift, Recreation and Security.
ELEVEN MADSION AVENUE contains over 2.2 million rentable square feet that features the magnificent integration of 1930s art deco design with 1990s system technology. Equipped with floor-plates ranging from 45,000 to 100,000 square feet, The building is an impressive and expansive corporate headquarters property. ELEVEN MADISON AVENUE is an irreplaceable asset, unique in its ability to both physically and technologically accommodate the demands of one of the world’s most sophisticated financial services companies. Design features include:
Corporate Headquarters: In additional to the trading floors, emergency back-up facilities, numerous high-tech conference rooms and auditoriums, CSFB has invested significant capital to achieve a “building within a building” As a result, CSFB controls two cooling plants in the building for operations and redundancy, and its own electrical switchboards. Additionally, CSFB controls access to its investment banking and executive floors, several Elevators bays and maintains its own lobby security. In the unlikely event the CSFB reduced space in the Property the integrity of its operational and access controls would be severely compromised by having to release direct control of the cooling plants, electric switchboard, elevators bays and lobby security.
Exterior Finishes: Tall multi-paneled windows highlight ELEVEN MADION AVENUE’S beautiful exterior Rockwood Aday, variegated Alabama Limestone. The four spacious corner entrance arches include finished terrazzo floors and sculptured art. Intricately carved openwork limestone grills adorn each second floor window.
First Class Building Amenities: At ELEVEN MADISON AVENUE, CSFB’s amenities include: an employee cafeteria capable of serving up to 450 people, a full-service fitness center, an executive dining area that can accommodate large receptions, exceptional meeting areas including numerous conference rooms and auditoriums. All tenants enjoy convenient access to some of the finest retail shops and restaurants in the world.
Floor Plates: The Property benefits from floor-plates that are effective and functional for both full-floor users and multiple tenants. The Property’s large size relative to neighboring buildings, setbacks and expansive window-lines assures dramatic views. In addition, floors three and four serve as trading floors for CSFB and are well designed for high technology trading. ELEVEN MADISON AVENUE’S design allows for a large investment bank to accommodate both equities and fixed income trading floors on one floors each and to provide its other groups with smaller floors contiguous with the trading floors. Few buildings in Manhattan can achieve this synergy.
Ameneties:
Madison Square Park: ELEVEN MADISON AVENUE provides tenants with exceptional views and access to the newly refurnished Madison Square Park, one of the most desirable recreational areas in the Midtown submarket. Madison Square Park, home of the first two Madison square Gardens, covers 6.2 acres and is bounded by 23rd Street, Madison Avenue, 26th Street and Fifth Avenue.
First-class Restaurants: Within ELEVEN MADISON AVENUE are Danny Meyer’s Tabla and Eleven Madison Park, two of Manhattan’s most notable restaurants. Respected as a visionary, who helped develop the vibrant Union square area, Danny Meyer has focused on the revitalization of Madison Square Park. Eleven Madison Park offers New American Cuisine with a French flare while Tabla combines New American and exotic Indian dishes. Both restaurants draw patrons from afar and enjoy consistent critical acclaim.
CSFB Onsite Dining Facilities: A large, full-service cafeteria is located on the B2 level, providing convenient access and diverse cuisine for CSFB employees. Additionally, there are executive dining facilities on the 28th floor.
CSFB Fitness Center, Dry Cleaning, Barber Shop: CSFB employees benefits from numerous onsite amenities that provide convenience and increased productively. A world-class fitness center offers a full range of cardiovascular, nautilus, and strength training equipment as well as tailoring, dry cleaning pick-up services and a barbershop.
