The Real Deal New York

Bidders swarm Sony’s Madison Avenue building

December 12, 2012 09:00AM

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Doug Harmon and 550 Madison 

After weighing a sale since the beginning of the summer, Sony has finally been able to line up bidders for its 550 Madison Avenue building, also known as the Chippendale Building. the New York Post reported. The potential buyers include the Rockefeller Group, Mitsui Fudosan America, Vornado Realty Trust, Boston Properties, as well as teams of pension funds and some high net worth individuals.

According to the Post, the developer of 432 Park Avenue, Harry Macklowe and Steve Witkoff, founder and CEO of real estate investment and development firm the Witkoff Group, are also among the possible bidders.

Offers are coming in at approximately $850 million but could reach $1 billion. Eastdil’s Doug Harmon is marketing the 36-story building, beating out CBRE, Cushman & Wakefield, Jones Lang LaSalle and Newmark Grubb Knight Frank for the job. [NYP]Christopher Cameron 

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