Madison Capital announced today that the firm has completed 90,000 SF of life science, data center and office leasing at 360 Spear since the on-set of COVID-19 in March 2020. In partnership with Newmark Knight Frank (NKF), the Madison Capital team has successfully completed a $17M capital plan repositioning 360 Spear that was meticulously crafted by its team to deliver an aspirational workplace experience appealing to life science, PDR and office tenants across a broad range of specializations.
Madison Capital recentlysigned leases withtwo new tenants that include Lattice, a people management platform,and Vitalant, a health care life sciences company.In addition, AT&T recently renewed its lease at 360 Spear in late Q3 2020, demonstrating its commitment to the property.Despite the economic challenges that have arisen across many commercial real estate asset classes, the property’s recently completed leasingis a testament to its broad range of as-of-right permitted uses, creative design and focus on healthy workspaces.Madison Capital developed its repositioning plan for 360 Spear by analyzing concepts that have enhanced real estate, allowing its team to deliver a differentiated product that surpasses the expectations of corporate end users.
According to Justin Cesario of Madison Capital, “Our approach to repositioning 360 Spear was multifaceted and a balance of thinking outside of the box while remaining focused on creating a universally appealing product. Coupled with the property’s flexible zoning and historic industrial characteristics, which we brought back to life, the strategy that we implemented at 360 Spear allowed our team to pivot in response to changes in the market.”
Since formally introducing its comprehensive repositioning of 360 Spear to the San Francisco brokerage community in January 2020, leasing completed to date by Madison Capital leaves only 40,000 sf available for lease consisting of the entire 3rd floor, which offers flexible zoning that is suitable for life science, office and PDR uses. Madison Capital has approached itsrepositioning with the understanding that whether a tenant is a technology leader or a growing life science company, there is consistent demand for a safe and well-designed workspace in best-in-class, well-located properties that offer top-notch amenities.
According to NKF’s Charlie Withers, “360 Spear is one of the most dynamic offerings on the market today. Leasing has been successful in attracting a diverse mix of cutting-edge tenants next door to some of the most influential companies in tech and business. Ownership completed a repositioning that highlights the industrial character of the building including its steel and concrete structure, 13’ clean concrete ceilings, floor-to-ceiling windows with water views and robust infrastructure, which are complimented by the building’s professionally designed amenities including a new lobby and amenity space that features an operable storefront leading to a 275 ft urban green space on Spear Street.”
Madison Capital approached leasing by offering prospective tenants customizable, headquarters-style pre-built spaces that raised bar as compared to the market standard. Despite its efforts to date, Madison Capital’s repositioning of 360 Spear has yet to take full advantage of the site’s unused air rights, which provide an opportunity to add more critical mass to the mixed-use property upon expiration of Verizon’s penthouse lease in several years or separate thereof.
About Madison Capital
About Madison Capital Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. Targeting income-producing, opportunistic and value-add opportunities in New York, Chicago, San Francisco, Miami and other gateway cities, the firm employs a focused and disciplined approach to its investments. Madison has grown its portfolio organically since the firm’s inception in 2002 to over $3.1 billion of current assets under management. For more information, please visit the firm’s website at mcapny.com.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
