63 Madison Avenue
New York, NY
In 1995, Loeb acquired 63 Madison Avenue from a major insurance company, which maintains its headquarters in a building it owns across the street and had occupied 63 Madison Avenue from its development up to the sale. In connection with the sale, the insurance company committed to lease half the building, which put a substantial leasing risk onto the buyer. Loeb was willing to take on that risk and filled the balance of the building with a major media company. Loeb recognized early on the advantages and potential of the Midtown South office market, now NYC’s hottest. In February 2016, to capitalize on the demand for assets in the market, Loeb sold a 49% interest in the property to a notable real estate investment owner/operator. With the sale, Loeb investors have received over 8 times their initial investment in distributions, and their retained equity interest in the 51% share of the JV, based on the current valuation, represents another four times their original investment.