NYC Office Building Brings 2nd Highest Price Ever
11 Madison Ave New York, NY
If there’s one thing I remember from my pre-2008 days, it was seeing a lot of stories like this. Are we in bubble territory yet?
SL Green Realty has agreed to buy CIM Group’s 11 Madison Ave. The 29-story office tower in Manhattan, NY will reportedly trade for $2.3 billion, the second highest price ever paid for a U.S. office building. SL Green will also spend $300 million on immediate capital improvements.
The 2.3 million SF Art Deco property is anchored by Credit Suisse (1.2 million SF through 2034) and Sony Corp (500,000 SF). Review website Yelp, and talent agency William Morris Endeavor are also tenants in the building.For more information on this deal, check out:
http://www.wsj.com/articles/cim-partner-agree-to-sell-11-madison-ave-for-2-6-billion-1432072005
http://therealdeal.com/blog/2015/05/18/sl-green-to-pay-2-6b-for-sapirs-11-madison-avenue/
