340 Madison in contract for $570M

RXR Realty has stepped up to the plate to buy Broadway Partners’ 23-story office tower at 340 Madison Avenue for roughly $570 million, or $760 a foot. Broadway purchased the 750,000-square-foot building, which was redeveloped in 2003 by Macklowe Properties, for $550 million four years ago, when it was only 40 percent leased. After a $50 million investment by Broadway, it is now 92 percent leased. Darcy Stacom and Bill Shanahan of CB Richard Ellis headed the marketing effort on the property. [Post, 4th item]