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Posts Tagged ‘550 Madison Avenue’

  • 11 Madison Avenue

    11 Madison Avenue

    Credit Suisse has renewed its mammoth lease at the Sapir Organization’s 11 Madison Avenue. The bank will, however, downsize from its current 1.96 million square feet to about 1.2 million square feet, paving the way for Sony to take about 520,000 square feet on the upper floors of the building.

    In a deal worth about $1.8 billion, Credit Suisse signed a 20-year deal for the space, which had asking rents of $70 per square foot. [more]

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  • Bill-de-Blasio-and-family

    Mayor Bill de Blasio (center) and his family

    year_in_reviewNew York City real estate can sometimes feel like a blood sport, with a host of rivals vying to get the upper hand. Luckily, here at The Real Deal, we have a ringside seat. And in 2013, the industry did not disappoint. Office towers traded for more than $1 billion, retail rents cracked $3,000 per square foot, and $100 million became the new $50 million in residential listings. The Midtown East rezoning came and went, as did more than one commercial brokerage CEO. And let’s not forget that little matter of the mayoral election. Read on for the editorial staff’s picks of the biggest stories of the year. [more]

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  • Sony moving to Sapir’s 11 Madison Ave.

    September 17, 2013 09:30AM
    From left: 11 Madison Avenue, Sony CEO Kaz Hirai and 550 Madison Avenue

    From left: 11 Madison Avenue, Sony CEO Kaz Hirai and 550 Madison Avenue

    Electronics giant Sony, fresh off the sale of its $1.1 billion headquarters at 550 Madison Avenue to the Chetrit Group, is moving to the Sapir Organization’s 11 Madison Avenue.

    Sony will take 500,000 square feet at the very top of the 2.3 million-square-foot, 30-story tower between East 24th Street and 25th Street that overlooks Madison Square Park, sources told the New York Post. While no lease has been inked, Sony does have a term sheet, the sources added. [more]

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  • From left: David Bistricer, the Sony Building at 550 Madison Avenue and Joseph Chetrit

    From left: David Bistricer, the Sony Building at 550 Madison Avenue and Joseph Chetrit

    Updated, 2:40 p.m., Aug. 15: A restaurateur claims a lawsuit brought by Sony seeking his eviction from 550 Madison Avenue is being supported by Joseph Chetrit, who along with David Bistricer purchased the 37-story tower in March, the New York Times reported. [more]

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  • Mary Ann Tighe and 550 Madison Avenue

    Sony is hunting for a slightly smaller home now that Joseph Chetrit has plunked down $1.1 billion to buy its headquarters at 550 Madison Avenue, the New York Post reported.

    The Japan-based entertainment giant has hired CBRE’s Mary Ann Tighe and partner, Gregory Tosko, to lock down 550,000 square feet of space; its Madison Avenue headquarters is 850,000 square feet. [more]

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  • Chetrit Group to buy Sony HQ for $1.1B

    January 18, 2013 08:00AM

    Sony CEO Kaz Hirai and 550 Madison Avenue

    Sony will sell its New York City headquarters at 550 Madison Avenue to the Chetrit Group for $1.1 billion, Bloomberg News reported. The electronics giant will remain in the building that bears its name for about three more years, and will generate around $770 million in cash with the sale, when debt and transaction costs are accounted for. The Chetrit Group owns a number of trophy properties in New York City and beyond, including the historic Hotel Chelsea. Eastdil Secured advised Sony in the deal…. [more]

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  • Sony CEO Kaz Hirai and 550 Madison Avenue

    On the heels of a record $5.7 billion loss during the last fiscal year, Sony is weighing selling the 37-story Midtown skyscraper that serves as its U.S. headquarters, the New York Post reported. Sony has been engaged in talks with the private equity firm Blackstone Group over the various options for, including the possible sale of, their solely owned U.S. headquarters at 550 Madison Avenue, which is said to be worth between $700 million and $1 billion. Sony has also considered the possibility of renting out a major section of the property, or selling and leasing back a portion. “It’s a big asset on their balance sheet,” a real estate executive who declined to be identified, said. [more]

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