Somerset Said To Buy Madison Property

NEW YORK CITY-Somerset Partners LLC is reportedly readying to buy 527 Madison Ave. building for approximately $260 million. The property is part of the office portfolio that Macklowe Properties purchased for $7 billion from Equity Office Properties Trust.

A Somerset spokesperson tells GlobeSt.com that they do not comment on rumors or speculation. Deutsche Bank, who is selling the Macklowe property through Eastdil Secured, also did not respond to GlobeSt.com queries. Eastdil Secured’s Douglas Harmon did not return GlobeSt.com queries by deadline.

An anonymous industry source tells GlobeSt.com that if a deal makes sense and the potential buyer has sufficient cash, deals will be made. “The buyers will need to be strong, perhaps even able to close all cash,” the source says.