400 Madison Ave.
NEW YORK CITY —ASB Real Estate Investments sold its 180,000 square-foot office building at 400 Madison Ave. to the Korean financial services company, Daishin Securities, for $194.5 million. ASB completed the transaction on behalf of its Allegiance Real Estate Fund, a $7.3 billion core investment vehicle.
In 2012, ASB purchased the 21-story, landmarked building, located between 47th and 48th streets. In a joint venture with Macklowe Properties, ASB bought the property from William Macklowe Company for $139.4 million, according to Real Capital Analytics. The building was constructed in 1929 and ASB subsequently repositioned the property, renovating the common area and façade, and offered a spec suite program.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
