NEW YORK CITY—In a joint venture with Friedland Properties, Nightingale Properties has purchased a leasehold position at 645 Madison Ave., a 22-story, 157,027-square-foot, Class A trophy office and retail tower in the Plaza District.
An industry data source pegs the cost of the lease at $76 million, or $581 per square foot. Parties to the deal either were unavailable or declined to confirm the price.
Holliday Fenoglio Fowler arranged the capitalization. The HFF team was led by managing director Rob Rizzi, senior managing directors Eric Anton, Andrew Scandalios and Richard Reid as well as director David Fowler.
The property sits just one block from Central Park on the southeast corner of East 60th and Madison Avenue. Originally built in 1971, the property was renovated in 2007 and is primarily leased to financial services tenants. It also contains approximately 36,170 square feet of retail space, which is available for immediate occupancy.
That real estate would enabling ownership to take advantage of one of the most desired retail corridors in the world, HFF notes, with neighbors such as Apple, Barney's, Bottega Veneta, Brioni, Chanel, Hermes, Montcler and Ralph Lauren.
“We are excited to have arranged this venture between Nightingale and Friedland and are confident they will transform the asset into a best-in-class office and retail property worthy of this famed corridor,” says Rizzi.
“Both parties worked incredibly quickly to get through diligence and consummate a landmark transaction,” adds Anton.
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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.
