Vanbarton to buy 292 Madison for $180M

The office building's sellers, the Marciano brothers, bought leasehold in 2007

TRD New York /
Sep.September 08, 2016 08:18 AM

Two jeans mogul brothers agreed to sell the Midtown office building 292 Madison Avenue to the Vanbarton Group for $180 million.

The 203,000-square-foot Art Deco tower sits at the corner of East 41st Street, a block away from Grand Central Terminal. The Marciano brothers, who founded clothing company Guess, are the sellers, according to the New York Post. The brothers bought the leasehold for the tower in 2007 in partnership with Metropolitan Real Estate Advisors from SL Green Realty and added the land in 2012.

Asking rents in the tower average in the $70s per square foot.

According to the Post, no brokers were involved in the deal. Herald Square Properties TRData LogoTINY, comprised of former SL Green Executives, manages 292 Madison. Tenants include financial firm Burford Capital and corporate services company Hogg Robinson.

The Vanbarton Group, led by Gary Tischler and Richard Coles, has been on a bit of a buying spree lately. Last month, it agreed to buy the Tribeca Film building for $90 million and in July it paid $103.5 million for the retail space in the Astor condo building on the Upper West Side.  [NYP, 2nd item]Konrad Putzier

Related Articles

From left: The Vanbarton Group's Richard Coles, Gary Tischler and 45 West 45th Street

Vanbarton Group to sell Midtown office building for $126M

901 Fifth Avenue in Downtown Seattle and Vanbarton Group's Richard Coles and Gary Tischler (Credit: Wikipedia)

Vanbarton’s $1B gateway cities fund closing in on big Seattle buy

Vanbarton lands $140M construction loan to remake former Tribeca Film Festival building

Vanbarton Group buys 425 Lexington Avenue for $700M

Vanbarton takes small loss on $75M sale of Windsor Terrace rental building

Tenant at 990 Sixth dodges eviction in test case for commercial tenant harassment law

Vanbarton is trying to boot commercial tenants from 990 Sixth. And the lawsuits are piling up

Vanbarton lands $61M loan for Albano Building buy