The acquisition includes a 50% stake in 350 Madison Ave. and 1440 Broadway, both in Midtown. Also part of the package is 150 W. Jefferson in Detroit. The three buildings total 1.7 million sf. The combined average occupancy rate for all three properties is 97.5%. French bank CDC Mortgage Capital provided acquisition financing for the deal and a portion of the loan was sold to Credit Suisse First Boston. The contract was signed last July.

"We have successfully completed a transaction with extremely stable, non-volatile assets with long-term, credit tenants," says Hochfelder. "These are long-term, core assets for Max Capital."

Tenants at 350 Madison, which is 96% occupied, include British Telecom, Dresdner Bank, C.E. Unterberg, and Paul Stuart. At 1440 Broadway, which is 95% occupied, long-term tenants include Fuji Bank, Conde Nast, Liz Claiborne and The Washington Post. Tenants at the 100% leased 150 W. Jefferson property include General Motors, Honda, KPMG/Peat Marwick and the investment banking firm Raymond James.