250,000-SF tower at 295 Madison Ave. under renovation.

A remarkable transformation is now well underway at 295 Madison Ave., the 250,000-SF classic revival style office tower located at the southeast corner of 41st Street in the heart of Manhattan's Grand Central district.

Built in 1929, the 47-story building, owned by the Korein family, is undergoing a sweeping renovation that includes extensive facade and lobby renovations. In addition, there will be a complete modernization of the building's security, life and fire systems, according to the building's exclusive leasing and managing agent, Colliers ABR, Inc.

In January 2003 Young and Rubican vacated the second through sixth floors, each containing approximately 14,500 SF, freeing up a block of approximately 70,000 SF. The floors are being demolished and marketed for long-term lease. The landlord is offering to turnkey this space, which when completed, will boast upgraded electrical systems and tenant-controlled HVAC systems. These base floors have their own private elevator in addition to the building's four elevators that service the floor. The second floor also features a grand stairway to the Madison Avenue entrance.

"This historic building is full of character and charm and we're delighted to help bring it back to its original splendor," asserted Colliers ABR managing director Jonathan Schindler. "Despite the soft market, we have a lot of activity and find that tenants are attracted to its location in the Grand Central district. This immediate area (around 41st Street) has experienced a renaissance, with two new hotels on the block and The New York Public Library and Bryant Park only steps away."

Additional smaller office units throughout the tower are also available for lease.

The building's decorative cast iron frieze was recently restored, transforming the exteriors s lower facade to its original grandeur. New, uniform exterior awnings and signage are designed to benefit ground floor retail tenants, such as Starbucks, which recently leased the Madison Avenue corner store.

With the exterior transformation well underway, work has begun on a major lobby and interior upgrading. Existing wall tiles are being replaced by Italian marble. Acoustical ceiling tiles will be removed to expose the original plaster details being restored throughout. Fluorescent fixtures will be replaced with decorative pendant lighting compatible with the original architecture. The Madison Avenue entryway's existing Belgian Black marble will be cleaned and polished and the original bronze directory will be restored as well. Interior storefronts will be replaced with decorative bronze grille work.

Three architectural firms are collaborating on this project. Douglas J. Lister is overseeing the exterior work; Steve E. Blatz Architect, the lobby; and The Rudman Design Group is designing the built-to-suit offices.