RPW to buy Aby Rosen’s 275 Madison for $270M-plus

Westchester landlord makes second office building purchase in NYC

New York /
Jun.June 06, 2016 04:01 PM

Robert Weisz’s RPW Group is in contract to acquire a 44-story office tower at 275 Madison Avenue from RFR Holding for north of $270 million, or $800 per square foot, sources told The Real Deal.

The landmarked 336,000-square-foot tower at East 40th Street in Midtown had been on the market for less than two months. It’s 91 percent occupied, with commercial brokerage Cushman & Wakefield as the anchor tenant.

RPW, a Westchester County-based landlord, is planning a long-term hold and a renovation of the lobby and other common areas, sources said. The buyer-to-be hired Newmark Grubb Knight Frank’s William Cohen and Andrew Weisz to market vacant office space and the brokerage’s Jeff Roseman to market the vacant corner 4,000-square-foot retail space formerly leased to Food Merchants Café.

Cushman’s lease for its 40,000 square feet does not expire until 2030, sources said. Nearly half of the tower’s leased office space is set to expire over the next five years, according to an offering memorandum.

A JLL team led by Richard Baxter, Yoron Cohen, Glenn Tolchin and Anthony Ledesma is brokering the deal, which is expected to close in August.

Representatives for RPW and JLL declined to comment, while RFR could not be immediately reached.

The deal would mark RPW’s second purchase in the city. The first was a 160,000-square-foot office building at 240 West 35th Street that it bought in 2014 for more than $80 million.

RFR, led by Aby Rosen and Michael Fuchs, sold the 11 Howard Hotel in Soho to German asset manager Commerz Real for $170 million earlier this year, shortly after the hotel opened.


Related Articles

arrow_forward_ios
From left: RFR Holdings' Aby Rosen and Blue Owl Capital's Doug Ostrover along with 3 World Trade Center (left), the Seagram building (middle) and 340 Madison Avenue (right) (Getty Images, Blue Owl Capital, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons)
Trio of office leases boost hopes at Class A buildings
Trio of office leases boost hopes at Class A buildings
Aby Rosen and Meadow Partners' Jeffrey Kaplan with 95 Morton Street (Christopher Peterson CC BY 3.0 via Wikimedia Commons, Meadow Partners, RFR Realty)
Meadow pays Aby Rosen $288M for West Village office building
Meadow pays Aby Rosen $288M for West Village office building
From left: Official's Oren Alexander, Aby Rosen, Official's Tal Alexander, and 281 Park Avenue South (The Alexander Team, Getty Images, LoopNet, iStock)
Aby Rosen puts Church Missions House on market
Aby Rosen puts Church Missions House on market
Aby Rosen and the Gramercy Park Hotel (Getty Images, GACE Consulting Engineers)
Checkout time: Aby Rosen booted from Gramercy Park Hotel
Checkout time: Aby Rosen booted from Gramercy Park Hotel
Aby Rosen and Jay Penske in front of 475 Fifth Avenue (LoopNet, Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Aby Rosen teams up with Rolling Stone publisher on $290M office deal
Aby Rosen teams up with Rolling Stone publisher on $290M office deal
Vanke US managing director Kai-yan Lee, RFR’s Aby Rosen and 100 East 53rd Street (Vanke US, Getty, M18 Public Relations)
With Aby Rosen out, Chinese developer slashes Midtown condo prices
With Aby Rosen out, Chinese developer slashes Midtown condo prices
Aby Rosen of RFR Holding and 175-225 Third Street in Gowanus (Credit: Google Maps and Getty Images)
Aby Rosen’s RFR plans 375-unit Gowanus building
Aby Rosen’s RFR plans 375-unit Gowanus building
Michael Fuchs and Alvina Collardeau circa 2011 (iStock, Getty Images, Illustration by Kevin Cifuentes for The Real Deal)
Chrysler building owner Michael Fuchs in messy legal drama with ex
Chrysler building owner Michael Fuchs in messy legal drama with ex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...