Tishman Speyer-Led Venture Buys 183 Madison for $185M
Lauren Elkies Schram Oct. 1, 2014, 3:37 p.m.
Tishman Speyer and The Cogswell-Lee Development Group have together bought the landmark 19-story Art Deco office building known as the Madison-Belmont Building.
The New York Post first reported news of the $185 million sale of 183 Madison Avenue, near 34th Street today, from Argentinian investment company IRSA, noting that the purchase price translates to $674 per square foot.
The 274,413-square-foot building is 95 percent leased, according to a press release from Tishman Speyer. It was completed in 1925 for the Merchants & Manufacturers Exchange of New York as an office and showroom space for the silk industry.
“183 Madison Avenue, a magnificent property in the heart of one the world’s leading magnets for technology, media, design and entertainment firms,” Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer said in a prepared statement. “Along with Tishman Speyer’s recent acquisition of nearby 175 Varick Street, this continues our strategy of investing in New York City’s fastest growing submarkets, including Midtown South, Hudson Yards and Long Island City.”
There were no brokers involved in this off-market transaction, according to a spokesman for Tishman Speyer.
ISRA and Rigby Asset Management purchased the building in 2010 for $85.1 million before IRSA took over full ownership of the building, as the Post noted.