The Real Deal New York

Sapir and CIM’s 11 Madison hits market

Tenants at 29-story, 2.2M sf tower include Yelp, Sony

May 01, 2015 04:39PM

Sapir 11 Madison

Alex Sapir and 11 Madison Avenue

The Sapir Organization and CIM Group have placed their Art Deco office tower at 11 Madison Avenue on the market.

The two entities own the 29-story, 2.2 million-square-foot building, located next to Madison Square Park, through a partnership. They previously put the property up for sale in 2012, eventually pulling it off the market when they could not get the $1.5 billion asking price.

CBRE broker Darcy Stacom is handling the sale, with SL Green Realty said to be among the interested parties, Crain’s reported. The office building recently lured in a slew of technology and media tenants, including Sony and YelpCredit Suisse renewed its 1.2 million square feet at the tower in January 2014. [Crain’s] — Rey Mashayekhi