The 17-story Plaza district building, located across from the GM building, is home to tenants such as Polo Ralph Lauren, Wachovia Corp. and the Neiman Marcus Group as well as 53,000 sf of retail space. Cushman & Wakefield executive directors Jonathan Serko and Ron Cohen represented the seller. Serko, who directed the marketing and leasing of the property on behalf of the previous owner--an investment entity operating as 625 Madison Avenue Associates LLC--was awarded the leasing agency assignment on behalf of the new ownership, along with a Cushman & Wakefield team consisting of Barry Zeller and David Malawer.

"This transaction is in alignment with the improving Manhattan office market in that we will have the opportunity to create immediate value by leasing current and near-term vacancies at rising office and retail rents," says Marc Holliday, chief executive officer of SL Green.

Currently, the building is only 68% leased due to the departure of Revlon in late 2003, which left 172,000 sf vacant. In July 2003, Revlon Consumer Products Corp. inked a deal for 151,484 sf to occupy the 12th, 14th, and part of the 13th floors of 237 Park Ave. "With an improving office rental market and limited availability in Midtown Manhattan for premier office space, the company is confident in its ability to lease up existing vacancy and to bring the building to full occupancy," adds Holliday. The retail space is currently 100% occupied by companies such as Swarovski, Wolford Boutiques, Baccarat and Pierre Deux.