Madison Capital
Madison Capital is a New York-based, vertically-integrated commercial real estate owner, operator, and developer managing $3.2B in assets across office, retail, industrial, and R&D properties in major U.S. metros, serving institutional capital partners and commercial tenants.
- Company typePrivate
- Founded1994
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Madison Capital does
Madison Capital is a vertically-integrated commercial real estate owner, operator, and developer founded in 1994 by Richard Wagman and headquartered in New York, with a regional office in San Francisco. The firm invests across office, retail, industrial, flex-industrial, laboratory, and R&D asset classes in major U.S. metropolitan markets, deploying equity through direct property ownership, joint ventures, loan investments, and note acquisitions. Madison reports $3.2B in assets under management, 115 completed transactions, and a track record spanning four real estate cycles, with 81% of acquisitions sourced off-market. The firm has received industry recognition including a 2024 REBNY Top Retail Deal Award and 2023 Structures Industrial Deal of the Year, and realized exits such as Sullivan Center (49.2% gross IRR, 1.7x equity multiple) and 360 Spear Street (35.2% IRR, 1.84x multiple).
The firm operates a vertically-integrated platform covering acquisition sourcing, underwriting, development, asset management, leasing, capital markets, construction oversight, and property-level accounting, with CPA-licensed finance professionals in-house. Its acquisitions team is staffed with professionals drawn from Blackstone, PGIM Real Estate, Ares Management, BlackRock, Cushman & Wakefield, SL Green, Clarion Partners, J.P. Morgan Asset Management, and other institutional real estate platforms. Recent activity has concentrated on lender-facilitated short-sale and special-situation acquisitions in San Francisco (45 Fremont Street, 600 Battery Street, 123 Mission Street NPL), a national industrial portfolio leased to REI Co-op on absolute NNN terms, and a Seagate Technologies R&D sale-leaseback in Fremont, CA.
Madison generates revenue from rental income, asset appreciation, transaction-related economics, and asset management fees on portfolios under administration for institutional partners. Its customer base spans two segments: global institutional capital partners (pension funds, sovereign wealth funds including ADIA and GIC, insurance companies, REITs, and asset managers such as Blackstone, KKR, Goldman Sachs, JPMorgan, Morgan Stanley, PGIM, and Bank of America) that co-invest in transactions, and credit-tenant commercial occupiers including REI Co-op, Seagate Technologies, Ripple Labs, Ferragamo USA, Bergdorf Goodman, Lowe's, CVS, TD Bank, Adyen, Mountain Hardwear, and Floor & Decor. The firm does not employ consumer-facing marketing channels and does not disclose pricing publicly; co-investment terms and management fees are negotiated bilaterally.
Madison Capital firmographics
Firmographics- Name
- Madison Capital
- Legal name
- Madison Capital
- Website
- https://mcapny.com
- Company type
- Private
- Founded year
- 1994
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Madison Capital is a New York-based, vertically-integrated commercial real estate owner, operator, and developer managing $3.2B in assets across office, retail, industrial, and R&D properties in major U.S. metros, serving institutional capital partners and commercial tenants.
- Ownership category
- akta.pro rank
Madison Capital industry classification
Industry- Product category
- Commercial Real Estate Investment Management
- NAICS
- Other Financial Investment Activities (5239), Portfolio Management and Investment Advice (523940), Nonresidential Property Managers (531312)
- SIC
- Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799), Real Estate Agents & Managers (For Others) (6531)
- akta.pro primary industry
- Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)
- akta.pro secondary industries
- Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE), Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL)
Keywords
Where Madison Capital is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Madison Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Real Estate Investment Returns: Madison Capital generates returns through direct property ownership, joint ventures, loan investments, and note acquisitions. Revenue is derived from rental income, asset appreciation, and transaction fees. The firm invests across office, retail, industrial, flex-industrial, laboratory and R&D assets.
- Asset Management Fees: The firm manages commercial real estate assets for institutional partners, generating management fees from portfolios under administration.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Madison Capital product offering
Product offeringCore offering
Madison Capital is a vertically-integrated commercial real estate owner, operator and developer that invests across office, retail, industrial, flex-industrial, laboratory and R&D properties. The firm acquires, repositions, develops and asset-manages commercial real estate on behalf of itself and global institutional partners (pension funds, sovereign wealth funds, REITs and asset managers), with 81% of acquisitions sourced off-market and managed through a private investor portal. Revenue is generated through rental income, asset appreciation, joint venture equity returns, debt/note positions and asset management fees on portfolios under administration.
Product overview
Madison Capital is a vertically-integrated real estate owner, operator, and developer offering investment management services across commercial real estate asset classes including office, retail, industrial, flex-industrial, laboratory, and R&D properties. The company manages a portfolio of assets for institutional partners, providing acquisition, development, repositioning, and asset management services. The firm does not offer a technology product or software platform; its services are traditional real estate investment and property management.
Differentiator
Problem solved
Functional benefit
Products and services
- Commercial Real Estate Investment Management Vertically-integrated acquisition, development, repositioning and asset management of commercial real estate (office, retail, industrial, flex-industrial, laboratory and R&D) across U.S. metropolitan markets for global institutional partners; $3.2B AUM across 115 transactions.
- Institutional Asset Management Services Management of commercial real estate portfolios on behalf of institutional partners, generating asset management fees; exemplified by exclusive asset management of 754 Fifth Avenue (Bergdorf Goodman building) and Sullivan Center (49.2% Gross IRR, 1.7x Gross Equity Multiple).
- Institutional Joint Venture Co-Investment Co-investment partnerships with global institutional capital partners (sovereign wealth funds including ADIA, GIC, CPP Investments; pension funds including NY State Common Retirement Fund; major asset managers including Blackstone, KKR, Goldman Sachs, JPMorgan, PGIM, Morgan Stanley, Bank of America) for commercial real estate acquisitions across core, core-plus, value add, opportunistic and debt strategies.
- Commercial Property Leasing Direct leasing of office, retail, industrial and flex-industrial space within Madison's portfolio of Class A, LEED-certified and creative office assets (Ford Point, Liberty Bklyn, Falchi Building, 600 Battery Street, 47488 Kato Road, 45 Fremont Street, 850 3rd Avenue and others) to enterprise tenants; leasing brochures and direct inquiry contacts available on the company website.
- Private Investor Portal Private web-based investor portal at investorportal.mcapny.com providing institutional limited partners with access to portfolio information, reporting and investor communications for Madison Capital's funds and joint ventures.
- Real Estate Debt and Note Investments Origination and acquisition of senior mortgage loans and non-performing notes on commercial real estate, including the $40 million financing for 180 Howard Street (with Taconic Capital) and the $90–100 million non-performing loan acquisition on 123 Mission Street (with PGIM, former Juul Labs HQ in San Francisco).
Quantifiable outcome
- $3.2B Assets Under Management with 115 completed transactions
- +2 more outcomes
Companies that use Madison Capital
Customer profileNamed customers11 records
Segments2 records
Ideal customer profiles2 records
Madison Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Madison Capital partnerships and signals
Strategic signalScale indicators6 records
Recent moves6 records
Expansion highlights5 records
Madison Capital competitors and assessment
Company assessmentDirect peers
- Tishman Speyer: Vertically-integrated global CRE owner, operator, and developer investing in office, retail, and mixed-use with institutional capital partners. Directly comparable business model, asset class focus, and NYC presence to Madison Capital.
- SL Green Realty: NYC-centric commercial real estate investor and operator focused on office and retail, with asset management for institutional partners. Eric Contos (Madison SVP) previously at Tishman Speyer managing NYC office — SL Green is the closest direct NYC office peer to Madison's portfolio.
- Clarion Partners: Institutional real estate investment manager investing in core, core-plus, value-add, and opportunistic strategies on behalf of pension funds and sovereign wealth. Alex Legakis (Madison VP) previously at Clarion; same investor base and multi-strategy CRE approach as Madison.
- PGIM Real Estate: Global CRE investment manager and the largest real estate debt lender in the U.S., managing core, debt, and value-add strategies for institutions. Madison co-invested with PGIM on the 123 Mission Street NPL acquisition — directly comparable in investor base and asset focus.
- KKR Real Estate: Global alternative asset manager with a real estate platform investing in opportunistic and core strategies for institutions. Listed as a Madison Capital co-investment partner; competes for similar capital and transactions.
- Rialto Capital Management: Real estate investment and asset management firm focused on both debt and equity strategies, including distressed CRE opportunities. Directly comparable to Madison's recent pivot into NPL acquisitions (123 Mission Street, 45 Fremont Street).
- Square Mile Capital Management: New York-based CRE investment manager running debt and equity strategies for institutional clients. Cindy Chang (Madison SVP) previously managed a $1.5B portfolio at Square Mile; directly comparable platform and investor base.
Broad incumbents
- Blackstone (Real Estate): Largest global real estate private equity platform, including BREDS credit franchise co-founded by Madison Senior Advisor Michael Nash. Madison is an active co-investment partner, and Blackstone broadly competes for the same institutional capital.
- Brookfield Asset Management (Real Estate): Global alternative asset manager with one of the largest real estate platforms spanning office, multifamily, retail, logistics, and hospitality. Comparable LP base; Madison alumni include team from Brookfield Office Properties and Brookfield Asset Management.
- Carlyle Group (Real Estate): Global alternative asset manager with a dedicated U.S. real estate platform investing in office, multifamily, hotel, and retail for institutional LPs. Similar mandate to Madison at a larger scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Madison Capital social profiles
Digital presenceMadison Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Madison Capital leadership team
Management profileNumber of profiles
Profiles7 records
Madison Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Madison Capital M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Madison Capital
What does Madison Capital do?
Madison Capital is a vertically-integrated commercial real estate owner, operator and developer that invests across office, retail, industrial, flex-industrial, laboratory and R&D properties. The firm acquires, repositions, develops and asset-manages commercial real estate on behalf of itself and global institutional partners (pension funds, sovereign wealth funds, REITs and asset managers), with 81% of acquisitions sourced off-market and managed through a private investor portal. Revenue is generated through rental income, asset appreciation, joint venture equity returns, debt/note positions and asset management fees on portfolios under administration.
Is Madison Capital a public or private company?
Madison Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Madison Capital founded?
Madison Capital was founded in 1994. It employs 11 to 50 people.
Where is Madison Capital based?
Madison Capital is headquartered in New York, United States, in the North America region.
How does Madison Capital make money?
Two revenue lines are on record. Real Estate Investment Returns are the primary driver. The others are asset Management Fees.
Who are Madison Capital's main competitors?
Direct peers on record are Tishman Speyer, SL Green Realty, Clarion Partners, PGIM Real Estate, KKR Real Estate, Rialto Capital Management and Square Mile Capital Management. Broad incumbents are Blackstone (Real Estate), Brookfield Asset Management (Real Estate) and Carlyle Group (Real Estate).
Does Madison Capital have an API?
No public API is recorded for Madison Capital.
What industry is Madison Capital in?
Madison Capital's product category is Commercial Real Estate Investment Management. Its primary akta.pro industry code is BPAJAMAJ, Real Estate Portfolio & Fund Management (Institutional/REIT/PE), with a secondary code of BPAJANAE, Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing). Its NAICS code is 5239 and its SIC code is 6532.