Midtown building offers a golden opportunity.

When Andrew Davidoff's company was asked to become asset manager for 685 Third Avenue, he knew this was the assignment they'd been waiting for.

Armed with 400,000 square feet of available office space to lease in a new marketplace environment, Davidoff realized a different approach was needed from what its previous owners had taken.

"We saw a golden opportunity in renovating and re-positioning 685," says Davidoff, who is president of Emmes Asset Management Corp., the building's newly appointed asset manager. "With what we've planned in capital improvements, it's virtually a new building, and the marketing strategy has to reflect that."

Indeed, the building, which was recently acquired, is undergoing an upgrade to the tune of about $12 million in capital expenditures, including fiber optic cable, rooftop satellite and a multiple service provider that will offer state-of-the-art communication capability. Base building systems that provide HVAC, electrical and telecommunications services have been retrofitted. The capital improvement program, which began in August 1997, will prepare the building for early 1998 occupancy by new tenants.

To emphasize the building's new image and Midtown location, Emmes created an unusual marketing center on the 10th floor of 685, with a scale model of the property and the surrounding neighborhood, including the Chrysler and Met Life buildings, Grand Central Terminal and the United Nations building.

Emmes also established a web site that serves as a kind of interactive brochure about the building and its leasing agent, Insignia/ESG, and includes such facts about 685 as floorplans and stacking plans, with color photos. The web site address, www.685.com, is posted on the 31st floor of the building and is clearly visible from the street below.

"Our collaboration with Insignia/ESG, along with the development of this model and web site, have helped us get the message out in new, more effective ways," says Davidoff.

Davidoff began his career at the age of 18, working as an apprentice in his father's real estate business. He was soon recruited at age 24 as the youngest vice president and member of the management committee at Harborside Corporation, developer of Harborside, the massive office complex on the waterfront in Jersey City.

After the sale of Harborside to Jones Lang Wootton, Davidoff expanded his role with JLW by participating in numerous financing, sales, leasing and advisory assignments for many of the industry's leading institutional firms.

Davidoff left Jones Lang Wootton in 1992 to form Emmes with developer Michael W. Sonnenfeldt, with whom he had worked at Harborside.

As a principal of Emmes & Company LLC, Davidoff serves as president of both Emmes Asset Management Corp. and Emmes Realty Services, Inc., where he is responsible for overseeing the firm's acquired property and asset management activities.

"My goal is to focus not only on the basics of our business, but also to build a core of dedicated talent that reaches beyond just executing deals," says Davidoff.

Emmes, a major owner of over eight million square feet of New York City real estate, made its name by seeking value in repositioning and stabilizing undervalued properties.

The firm's diverse portfolio includes over 17 million square feet of commercial, residential, retail and industrial assets in New York, New Jersey, Pennsylvania, Maryland and Florida. These assets, totaling approximately 200 properties in five states, represent an investment of approximately $700 million. Emmes, headquartered in New York City, also has offices in Mt. Laurel, New Jersey and Baltimore, Maryland.

"In the coming years, we anticipate adding to our asset pool by identifying more unique projects," adds Davidoff.

In addition to writing about various aspects of the industry, Davidoff has served as an instructor and workshop leader for trade institute, university and post-graduate courses dealing with real estate.