Oxford University Press Sells Midtown Office Condo for $40M

Academic publishing house Oxford University Press has offloaded some of its office floors in Midtown.

Oxford University Press, through the entity The Chancellor, Masters and Scholars of the University of Oxford, sold the approximately 165,000-square-foot office condominium at 355 Fifth Avenue to real estate advisory firm Benchmark Properties for $40 million, according to city records made public Monday.

The office condo comprises space on the ground floor, mezzanine and entire upper portion — floors eight through 13 — of the landmarked building, also known as the B. Altman & Company Building. The property has an alternate address of 198 Madison Avenue.

Benchmark, which used the entity 198 Madison Ave Realty NY, bought the condo in partnership with the Benun, Dweck, Rahmey and Zirdok families, who own apparel companies Bentex and HIS, according to a LinkedIn post from Michael Beyda, principal at Benchmark.

Morris Dweck signed the deal for the buyer, while Antony Willott, director of planning and council secretariat at the University of Oxford, signed for the seller, records show.

The buyers are planning a restoration and “thoughtful redevelopment” for the “iconic landmark,” Beyda wrote in his post.

“Designed during the early 1900s for department store B. Altman, the building features a magnificent neoclassical exterior and an interior that offers a grand entrance, soaring ceiling heights, expansive windows and sweeping 360-degree views,” Beyda wrote. “This project will create a totally unique office environment for a company to call its new home.”

Beyda and a spokesperson for Oxford University Press did not immediately respond to requests for further comment.

Oxford University Press has owned the historic building since at least 2006, according to records. The building sits directly northeast of the Empire State Building and spans a full block between Fifth and Madison avenues, and between East 34th and 35th streets.

Other current tenants of the property — besides the publishing house — include the City University of New York’s Graduate Center on the Fifth Avenue side and the Church Pension Group.

Isabelle Durso can be reached at idurso@commercialobserver.com.