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Dealmaker: Manhattan’s 540 Madison Ave. Changes Hands for $310M
DivcoWest, San Francisco, acquired 540 Madison Avenue in Midtown Manhattan’s Plaza District from Boston Properties, Boston.
DivcoWest paid $310 million or $1,091 per square foot for the 1979-vintage asset just south of Central Park. CBRE Chairs and Heads of New York Capital Markets Darcy Stacom and William Shanahan represented Boston Properties in the transaction.
Commercial Real Estate Direct reported SunTrust Bank, Atlanta, and BNY Mellon, New York, lent $170 million against the property.
“DivcoWest continues to like New York’s fundamentals as an innovation hub,” said DivcoWest Senior Director of Acquisitions Ariel Aber. He noted the firm liked 540 Madison Avenue’s central location, access to transportation and tenant roster. The building is close to several subway lines and Grand Central Terminal. Its floor plates range from 7,000 to 11,500 square feet.
DivcoWest announced it plans to relocate its New York office to the property.
In June DivcoWest acquired the 10-story West Lake Union Center office building at 1505 Westlake Ave N. in Seattle for $118 million.