Eretz Group in contract to buy Westbrook’s 295 Madison Avenue for about $210M: sources
Updated, 10:15 a.m., June 7: Abe Talass’ Eretz Group will pay about $210 million for a Midtown office tower belonging to Westbrook Partners and the Moinian Group, according to sources.
The 300,000-square-foot 295 Madison Avenue, located at 41st Street, is part of a portfolio that Westbrook was marketing in April that is expected to fetch about $1 billion, as The Real Deal first reported. Murray Hill Properties represented the buyer in the deal, which is expected to close in September. The Observer first reported the building was in contract.
Multiple sources told the Observer that the building – which Westbrook and Moinain paid $180 million for in July 2007 – began receiving offers in February. At that point, the sources said, Joseph Moinian had a right of first offer to buy out Westbrook, and a third party buyer also was interested in buying the building. The buyer initially walked away from the deal, the sources said, but returned to the fold after Eastdil Secured’s Adam Spies and Doug Harmon began marketing the entire portfolio in April. At that time, the buyer’s interest was piqued when he or she noticed in the fine print of the marketing package that the buildings could also be purchased separately, the Observer said.
Neither Spies nor Westbrook commented to the paper. [NYO] – Adam Pincus & Hiten Samtani