Madison Capital, Lubert-Adler Put 71 Fifth Avenue on the Market
The sale could net as much as $150 million
Madison Capital and Lubert-Adler Partners are selling the leasehold interest in their 71 Fifth Avenue office property in Manhattan’s Flatiron District, Commercial Observer has learned.
CBRE’s Doug Middleton, William Shanahan and Jack Stillwagon are marketing for sale the leasehold interest, which has 94 years of term remaining, sources told CO. CBRE officials declined to comment.
Located in the heart of the Flatiron District, the asset sits close to Union Square and benefits from good transportation access and green space in the area.
Market sources said the sale could net as much as $150 million given leasing momentum in the surrounding neighborhood.
Microsoft signed a 150,000-square-foot lease at 122 Fifth Avenue late last month. And, Dutch payment company Adyen announced in late August it was relocating to 71 Fifth Avenue from 18 East 16th Street with a 30,415-square-foot lease across two floors.
The property recently underwent a $17 million redevelopment with five modernized elevators, a remodeled lobby and façade enhancements. It is 91 percent leased with a eight-year weighted-average lease term.
Representatives for Lubert-Adler Partners and Madison Capital did not immediately respond for comment.
Andrew Coen can be reached at firstname.lastname@example.org.