Madison Avenue Offices Available
June 6, 2012
By: Staff

A joint venture is marketing an office building in Manhattan’s Midtown South submarket, whose prospects are on the upswing.

The 260,000-square-foot property, at the southeast corner of Madison Avenue and East 34th Street, is 93% occupied.Similar buildings have recently traded at per-foot prices of $525-$625. At $600/sf, the property’s value would be $156 million. Studley has the listing.

The owner is a partnership between Rigby Asset Management, which is led by New York investor Peter Armstrong, and Argentinean developer IRSA. The duo bought the building out of bankruptcy in 2010 for $85.1 million. The previous owner, British firm Rock Investments, led by billionaire Paul Kemsley, had paid $107.5 million for it in 2007, near the market peak. ...

... “This is an institutional-class asset at a prime location with the demonstrated ability to attract a wide range of tenants,” said Studley executive managing director Woody Heller. ...

... Midtown South got a big boost in December 2010 when Google acquired the 2.9 million-sf building at 111 Eighth Avenue as its New York headquarters. ...

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