Sapir and CIM’s 11 Madison hits market

Tenants at 29-story, 2.2M sf tower include Yelp, Sony
May 01, 2015 04:39PM

The Sapir Organization and CIM Group have placed their Art Deco office tower at 11 Madison Avenue on the market.

The two entities own the 29-story, 2.2 million-square-foot building, located next to Madison Square Park, through a partnership. They previously put the property up for sale in 2012, eventually pulling it off the market when they could not get the $1.5 billion asking price.

CBRE broker Darcy Stacom is handling the sale, with SL Green Realty said to be among the interested parties, Crain’s reported. The office building recently lured in a slew of technology and media tenants, including Sony and YelpCredit Suisse renewed its 1.2 million square feet at the tower in January 2014. [Crain’s] — Rey Mashayekhi