The Real Deal New York

Westbrook closes on $213M sale of Midtown office building

Private equity firm paid $180M for 295 Madison six years ago

August 30, 2013 11:58AM
By Adam Pincus

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295-madison

295 Madison Avenue and Doug Harmon

Private equity firm Westbrook Partners has closed on the $213 million sale of its Midtown office building 295 Madison Avenue to Abraham Talass’s Eretz Group, The Real Deal has learned.

The 300,000-square-foot building, at 41st Street, is one of six commercial and residential properties that Westbrook put on the market in April. Westbrook paid $180 million for the building in July 2007.

SL Green Realty, a real estate investment trust, arranged $160 million in financing for the acquisition, several parties involved on the deal told TRD.

A spokesperson for Midtown-based SL Green declined to comment.

Westbrook was represented by Doug Harmon and Adam Spies of Eastdil Secured; Eretz by Norman Sturner and David Greene of Murray Hill Properties; and SL Green by Howard Michaels of the Carlton Group.

Murray Hill has the exclusive leasing assignment for the building, as well other Eretz properties, and represented Eretz in several previous purchases.

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