Top 5 Office Building Sales
- Aug 22, 2019
540 Madison Ave., Manhattan
Sale Price: $310,300,888
DivcoWest picked up this 283,695-square-foot office tower from Boston Properties. The 39-story building was originally constructed in 1970 and was then completely renovated in 1999. The asset includes 8,000 square feet of retail on the first two floors. Boston Properties first acquired the building back in August 2008 from Macklowe Properties for nearly $288 million, according to Yardi Matrix. DivcoWest assumed the outstanding balance of a $120 million loan, held by SunTrust Bank, as part of the purchase. Some current tenants include Enso Capital Management, Wells Fargo, CIM Group, Pantzer Properties and more. There are four spaces totaling 14,925 square feet still available for leasing, according to Yardi Matrix.
- 477 Madison Ave., Manhattan
Sale Price: $258,250,000
Halcyon Capital Management sold this 1954-built asset to RFR Realty. The building underwent renovations back in 2000 and 2016 and includes 11,000 square feet of retail in its total of 318,400 square feet. Standing 24 stories, the Class A property has a vacancy rate of 25.2 percent, according to Yardi Matrix. Current tenants include Express, The Aspen Institute, Zimmet Law Group, Threadstone Partners and more. The asset features six passenger elevators, floor plates ranging from 5,160 to 18,774 square feet and is within a quarter mile of two subway stations.
- 62 W. 45th St., Manhattan
Sale Price: $37,250,000
Currently leased by Pret A Manger, Palladium Management, Tallan, Big Yellow Duck, Shut Up & Talk, Pierce Mattie Communications and the Consulate General of the Republic of Serbia, this 55,800-square-foot property has one space left available to lease—4,000 square feet on the 11th floor. Originally completed in 1911, the 12-story building underwent cosmetic renovations in 2018. It includes 4,000 square feet of retail on the first floor and office space throughout the remainder. Renaissance Properties acquired the asset from Andover Realty. The sale was a $60.5 million portfolio transaction, incorporating this building, 236 E. Fifth St. and 150 Prospect Park. The sale was funded by a $15 million loan held by First Republic Bank, according to Yardi Matrix.
- 64 University Place, Manhattan
Sale Price: $30,000,000
This four-story property was built in 1900 and last altered in 1958. The asset features two commercial units—18,825 square feet of office and 6,500 square feet of retail space. Located in Greenwich Village, the space is leased by gourmet grocery store Agata & Valentina. Nearby transportation options include the N/R subway line at the corner of Broadway and Eighth Avenue, as well as the M8 bus at the intersection of Ninth Street and University Place.
- 686 Lexington Ave., Manhattan
Sale Price: $10,720,623
This property is situated in Central Midtown with nearby access to the N/Q/R and 4/5/6 subway lines at the corner of Lexington Avenue and 59th Street. The five-story building was constructed in 1922. Housing six commercial units, the asset features 9,000 square feet of office and 6,000 square feet of retail space. Current tenants include Advanced Dental Arts, Ardsley Inc., Eye to Eye Vision Center and more.