NEW YORK CITY—Tishman Speyer has acquired 183 Madison Ave. from Argentinean real estate investment firm, IRSA—Inversiones y Representaciones Sociedad Anónima—has sold 183 Madison Avenue for $185 million in an off-market transaction. The landmark Art Deco office building in Midtown South, spanning 19 stories and 274,413 square feet, sits on the southeast corner of Madison avenue and 34th street.
The property was picked up in a joint venture with the Cogswell-Lee Development Group, a recently formed partnership of Cogswell Realty and Lee & Associates NYC. The building is 95% leased.
“183 Madison Avenue, a magnificent property in the heart of one the world's leading magnets for technology, media, design and entertainment firms,” says Tishman Speyer co-CEOs Jerry Speyer and Rob Speyer. “Along with Tishman Speyer's recent acquisition of nearby 175 Varick St., this continues our strategy of investing in New York City's fastest growing submarkets, including Midtown South, Hudson Yards and Long Island City.”
Known as the Madison-Belmont Building, 183 Madison Ave., which is equidistant from both Penn Station and Grand Central, was designed by the New York architectural firm of Warren & Wetmore, the innovators behind Grand Central Terminal. It was completed in 1925 for the Merchants & Manufacturers Exchange of New York as an office and showroom space for the silk industry.
The lower three stories of the building, have been cited as one of the first instances of Art Deco design in the United States, and were conceived by Edgar Brandt, a French iron master and pioneer of the iconic Parisian style. The lobby is part of the original construction and is in the ornate Eclectic Revival style, featuring elements inspired by ancient Greece, Rome and Egypt, and showcasing marbles, bronzes and a multi-colored, barrel-vaulted ceiling.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
