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Midtown Sale Yields $261.5M for Office and Retail Building

NEW YORK CITY-The property's allure is boosted by having played host to an upscale clothing retailer for 75 years.

By Rayna Katz | Updated on March 27, 2013

NEW YORK CITY-Jones Lang LaSalle announced Wednesday it had closed the sale of 350 Madison Ave., located at the corner of 45th 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.

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