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The 44-story, landmarked office tower at 275 Madison Ave looks like it will sell to Westchester-based RPW Group for north of $270M.
RFR Realty put the 336k SF building on the market less than two months ago, according to The Real Deal. If the property sells for the reported price, it would work out to about $800/SF.
Building occupancy stands at 91%; Cushman & Wakefield is the anchor tenant with a 40k SF spread on a lease that will be good through 2030.
The new owner plans to renovate the lobby and common areas.
It looks like Cushman brokers won’t have the luxury of a nonexistent commute from their office to show prospective tenants the space when the new ownership takes over, because RPW has tapped Newmark Grubb Frank Knight’s William Cohen and Andrew Weisz to market the building’s vacant office space.
Newmark’s Jeff Roseman will work to find a tenant for an available corner retail space. Almost half the building's office space is on track to become available within the next five years, so the Newmark team should be busy there for a while.
JLL’s Richard Baxter, Yoron Cohen, Glenn Tolchin and Anthony Ledesma are the brokers on the sale, which is on pace to close by August. [TRD]
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