Real estate investment firms Crown Acquisitions and Highgate Monday said they have agreed to acquire office and retail tower at 650 Madison Avenue from private equity firm Carlyle Group LP (CG) for $1.3 billion.
Located in the heart of Midtown's Plaza District, New York City's exclusive submarket, 650 Madison is an iconic 600,472 square foot complex, the company said. As per the contract, the real estate investment firm, will buy from the global alternative asset manager, the trophy 27-story glass and steel office and retail tower at the 650 Madison Avenue.
According to Crown Acquisitions and Highgate, the Class-A property features three distinct components: a 425,000-sq.ft. Class A office tower; a 100,000-sq.ft. custom medical-office space; and 75,000-sq.ft. of dominant world-class retail, with 200 feet of Madison Avenue frontage.
Carlyle has completed more than 400,000 sq.ft. of leases at 650 Madison Avenue, since its acquisition of the property in 2008.
Crown Acquisitions, founded by Stanley Chera, is an investor, owner, operator and developer of primarily retail assets throughout North America. Highgate is a fully integrated real estate investment firm, which targets investments in a broad range of real estate assets, portfolios, and companies.
Haim Chera, principal of Crown noted that the acquisition of 650 Madison Avenue, together with 666 Fifth Avenue acquired last year, represent two of the best investments of the post-financial crisis era.
CG closed Friday's regular trading at $29.16 on the Nasdaq.
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