The Real Deal New York

Vanbarton to buy 292 Madison for $180M

The office building's sellers, the Marciano brothers, bought leasehold in 2007

September 08, 2016 08:18AM

292 Madison Avenue

292 Madison Avenue

Two jeans mogul brothers agreed to sell the Midtown office building 292 Madison Avenue to the Vanbarton Group for $180 million.

The 203,000-square-foot Art Deco tower sits at the corner of East 41st Street, a block away from Grand Central Terminal. The Marciano brothers, who founded clothing company Guess, are the sellers, according to the New York Post. The brothers bought the leasehold for the tower in 2007 in partnership with Metropolitan Real Estate Advisors from SL Green Realty and added the land in 2012.

Asking rents in the tower average in the $70s per square foot.

According to the Post, no brokers were involved in the deal. Herald Square Properties TRData LogoTINY, comprised of former SL Green Executives, manages 292 Madison. Tenants include financial firm Burford Capital and corporate services company Hogg Robinson.

The Vanbarton Group, led by Gary Tischler and Richard Coles, has been on a bit of a buying spree lately. Last month, it agreed to buy the Tribeca Film building for $90 million and in July it paid $103.5 million for the retail space in the Astor condo building on the Upper West Side.  [NYP, 2nd item]Konrad Putzier
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