ASB Real Estate has acquired for $139 million an office building at 400 Madison Avenue from Macklowe Properties and assumed a $55 million loan on the property, provided by MetLife.
With the purchase of the 22-story, 185,000-square-foot building in Midtown, ASB Real Estate, which has a portfolio of over 205 properties for 16 million square feet of office, retail, industrial, and residential properties across the country, is back to the New York office market. The company is looking to acquire other office, retail and multifamily properties in the city, sources with ASB Real Estate said to The Mortgage Observer.
Currently, 400 Madison Avenue has an occupancy rate of over 85 percent. Last June, Jones Lang LaSalle announced it had completed six transactions for over 17,000 square feet of office space in the building. The music publishing Round Hill Music signed for a five-year lease for a 4,500-square-foot office on the entire 18th floor.