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RFR Holdings purchases prime office building with prime Grand Central location
NEW YORK, March 26, 2013 – On behalf of Kensico Properties, Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of 350 Madison Avenue, located at the corner of Madison Avenue and West 45th Street in Midtown. RFR Holdings purchased the 24-story, 394,000 square-foot, Class A+ office building for $261.5 million.
Vice Chairmen Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham led the Jones Lang LaSalle team on this transaction.
“350 Madison Avenue is an unparalleled investment opportunity, just steps from Grand Central Terminal. The property captured the attention of domestic and international investors, with the ultimate frontrunner being RFR Holdings,” said Baxter. “350 Madison Avenue is nearly 30 percent vacant, affording the buyer to take full advantage of the robust leasing market in Midtown. The low vacancy in the submarket, which is holding at 9.3 percent, is expected to increase rental rates in the better quality buildings.”
350 Madison Avenue, which was built in 1922, underwent a complete renovation in 2011 and now ranks among the best properties in Midtown. The property’s gleaming new facade, sky-lit lobby and soaring atrium makes it a one-of-a-kind asset in Manhattan. The property has 70,000 square feet of retail space that has been occupied by Paul Stuart since 1938. The property has 2,400 – 23,000-square-foot floor plates available for lease.
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Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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