The Kaufman Organization(Kaufman), a full-service New York City (NYC) commercial real estate firm, in joint venture with an affiliate of China Orient Asset Management (International) Holding Limited (China Orient) announced today the recapitalization of Kaufman’s Madison Square Portfolio, four unique office buildings located throughout the NoMad and Flatiron Districts in Manhattan. The strategic recapitalization of the 352,658-square-foot portfolio reorganizes the ownership structure for the long term future.
“We are excited to have China Orient join us as a partner for Madison Square Portfolio, as this highly successful transaction will take the Midtown South office buildings to the next level,” said Fredric J. Leffel, President of Kaufman New Ventures. “Now that capital improvements for the portfolio have been completed, we look forward to bringing the portfolio to successful fruition.”
Acquired by Kaufman in 2014, Madison Square Portfolio consists of 19 West 24th Street (19W24), 13 West 27th Street (13W27), 45 West 27th Street (45W27), and 119-125 West 24th Street (119W24). As a result of Kaufman’s expertise in strategic rebranding efforts, the portfolio underwent an extensive capital improvement campaign, including interior and exterior renovations, converted heating systems, modernized elevators, installation of secure fiber optic connectivity, and the creation of ground-level retail storefronts -- transforming the portfolio into the most technologically advanced, state-of-the-art collection of properties in the submarket. Following this imaginative and comprehensive repositioning and rebranding, Kaufman has attracted a roster of premier tenants from a broad spectrum of industries, including consumer products, social media, fin tech, fashion, broadcast media and architecture.
“The Kaufman Organization is a long term owner and investor in commercial property and sophisticated in its ability to reposition commercial office properties such as their Madison Square Portfolio, making them an ideal partner for China Orient on this transaction,” said Roy Chen, Managing Director and Head of US Real Estate of China Orient. "Together with Kaufman, we are confident we will continue to create value for this well-positioned portfolio, and continue our strategic growth within the local and national real estate market."
In the new partnership with China Orient, Kaufman will remain as an operating partner of the portfolio, while the firm continues to execute final lease-up and introduce additional, value – add initiatives. Both Kaufman and China Orient are committed to maintaining the high standard of tenants within the portfolio, making the buildings ideal office locations for small and midsize tenants in the Nomad and Flatiron submarkets.
“The Kaufman Organization continues to be a leader in Midtown South having acquired, redeveloped and leased over half a million square feet of commercial space in the last 24 months. We look forward to continuing our commitment as one of the most active investors in the market,” said Michael Kazmierski, Vice President of Kaufman New Ventures.
Madison Square Portfolio is located in Manhattan’s Midtown South office market, one of the most desirable locations for office space with convenient transportation access to multiple subway stations and transportation hubs. Each property is outfitted with unique touches that mirror the creative vibes of the NoMad and Flatiron Districts, including 70 distinct pieces of art commissioned by renowned contemporary artist, Skott Marsi in the elevator shafts within the portfolio.
“We are proud to continue the lineage and legacy of the Kaufman Organization with our longstanding tradition as a premier owner and operator of commercial real estate in New York City.” said Steven Kaufman, President of Kaufman.
For more information regarding leasing opportunities, please visit Madison Square Portfolio’s interactive website, www.madisonsquareportfolio.com or contact Michael Heaner at 212-471-4310 or MichaelH@kaufmanorganization.com, Grant Greenspan at 212-471-4340 orGrantG@kaufmanorganization.com, or Jessica Kosaric at 646-421-6420 or jessicak@kaufmanorganization.com or Elliot Warren at 212 471-4369 or ewarren@kaufmanorganization.com.
About The Kaufman Organization
With over 100 years of experience and six million square feet of owned or managed space, has long been considered one of the most prominent and well-respected real estate companies in the New York metropolitan area. The company offers a fully integrated spectrum of leasing and management services to diverse owners and tenants and is continually looking to build its portfolio through property acquisitions. www.kaufmanorganization.com
About China Orient Asset Management (International) Holding Limited
China Orient Asset Management (International) Holding Limited (China Orient), a wholly owned Hong Kong subsidiary of China Orient Asset Management Corporation, engages in international direct investment and asset management opportunities. The firm’s focus includes securities, real estate, and debt with total assets under management close to $8 billion. Since first entering the U.S. real estate market in mid-2014, China Orient's dedicated real estate investment and asset management team in New York has closed nearly a dozen joint venture transactions valued at more than $1.5 billion in New York City and eight other cities throughout the country.
