Tishman Speyer Sells 183 Madison Ave. For $223M
Tishman Speyer has sold its Midtown South office property at 183 Madison Ave. four years after acquiring it.
APF Properties, the investment firm founded by Kenneth Aschendorf and Berndt Perl, paid $222.5M for the 19-story Art Deco tower that sits at the corner of Madison Avenue and East 34th Street. Tishman Speyer, along with its partner, Cogswell Lee Development, bought the property in 2014 for $185M.
CBRE's investment sales team of Darcy Stacom and Ryan Spector represented the seller in the deal, which went under contract in May. The property lies at the northern end of Midtown South, which has been the strongest submarket in Manhattan for office activity in recent years.
“Tishman Speyer and Cogswell Lee’s expert stewardship of 183 Madison Avenue has made it a highly competitive asset in the sought-after Midtown South submarket,” Stacom said in a release. “It is a great addition to APF’s Manhattan portfolio.”