NEW YORK CITY-Jones Lang LaSalle announced Wednesday it had closed the sale of 350 Madison Ave., located at the corner of 45^th street. RFR Holdings bought the 24-story, 394,000-square-foot, Class A office building from Kensico Properties. JLL's vice chairmen Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham led the team that closed the deal.

The building has been host to men and women's clothing shop Paul Stuart since 1938; the store takes the entirety of the building's 70,000 square feet of retail space. However, if the store denies any leasing opportunities to RFR, it more than makes up for that by the cache it brings—both for the type of customer it brings as well as the vote of confidence in the building suggested by such a long tenancy.

Moreover, the building features ample leasing possibility, much of which for a higher price than what's being paid by existing tenants, says Baxter in the announcement. “350 Madison Avenue is nearly 30 percent vacant, affording the buyer to take full advantage of the robust leasing market in Midtown,” he says. “The low vacancy in the submarket, which is holding at 9.3%, is expected to increase rental rates in the better quality buildings. 350 Madison Avenue is an unparalleled investment opportunity, just steps from Grand Central Terminal. The property captured the attention of domestic and international investors.”