Jamestown LP has bought a stake in two Madison Avenue office buildings that values the properties at around $1.15 billion, according to reports.
The real estate company whose holdings include Manhattan’s Chelsea Market, bought 49 percent stakes in 200 Madison Avenue a 26-story, 750,000 s/f building whose tenants include apparel maker PVH Corp., and 63 Madison Ave., a 15-story, 870,000 s/f building where New York Life Insurance Co. and CBS Corp. lease space.
The building owners, George Comfort & Sons and Loeb Partners Realty LLC, announced the deal in a statement issued on Monday.
Under the new partnership agreement, George Comfort & Sons, Inc. and Loeb Partners Realty, LLC, will together retain a majority interest in the assets.
“Jamestown is extremely well regarded for its investment in high-quality assets and we are delighted to have them as a strategic partner,” said Peter S. Duncan, CEO of George Comfort & Sons.
“Likewise, we are pleased to continue our relationship with longtime partner Loeb Partners Realty. We look forward to this new collaboration, which will only strengthen these already successful properties.”
Michael Phillips, president of Jamestown, “The strong occupancy rates of these assets is a clear indication that we are joining with a proven operator with a demonstrated track record in New York City.
“We have immense respect for the George Comfort & Sons and Loeb Partners Realty team and look forward to our new partnership.”
63 Madison is fully occupied. 200 Madison is 99 percent leased to 20 tenants including Greater New York Mutual Insurance.
Doug Harmon, Adam Spies, Adam Doneger and Josh King of Eastdil Secured acted as the exclusive financial advisors for the transaction.
Source: Real Estate Weekly