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CRE Power Quad Makes $1.3B Purchase

NEW YORK CITY-The asset, at 650 Madison Ave., features high credit tenants and the chance to add—or convert to—residences.

By Rayna Katz | Updated on October 01, 2013

NEW YORK CITY-Seeing appeal both in its current and possible future incarnations, a joint venture between Oxford Properties, Vornado Realty Trust, Crown Acquisitions and Highgate Holdings—together with institutional investors advised by J.P. Morgan Asset Management—has acquired 650 Madison Ave. for $1.3 billion. The Carlyle Group was the seller. Eastdil Secured‘s senor managing directors Adam Spies and Douglas Harmon acted as exclusive broker in this transaction.

The 27-story, 594,000 square foot Class A office tower, located on the full western block front of Madison Avenue between 59th and 60th streets. The property contains 523,000 square feet of office space and 71,000 square feet of retail space. The office space is the world headquarters for Polo Ralph Lauren, which occupies 274,000 square feet. The retail space is primarily leased to Crate & Barrel for its 61,400-square-foot flagship Manhattan store, and to Tod’s, a shoe and leather goods specialty store spanning 7,900 square feet.

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