Rye Brook, NY-based RPW Group, founded by Robert Weisz, is under contract to purchase 275 Madison Avenue in Midtown from Aby Rosen and Michael Fuchs' RFR Holding. The 43-story office tower is trading hands for more than $270 million, or upwards of $800 per square foot, according to a report from The Real Deal. RFR Holding put the landmark office tower on the market in April, enlisting JLL to market the property and broker the deal, which is expected to close in August. RPW is said to be looking to line up some $160 million of mortgage financing to fund its purchase.
275 Madison Avenue, with alternate addresses of 22-26 East 40th Street and 273-277 Madison Avenue, is a 329,000-square-foot landmark skyscraper located at the southeast corner of Madison Avenue and East 40th Street. The 43-story office building was designed by Kenneth Franzheim, completed in 1931, and designated as a New York City landmark in 2009 in recognition of its classic art deco design. RFR acquired the leasehold and fee interests for the property in separate transactions in 1998 and 2004, and added value by implementing a capital improvement program that included a restoration of the original lobby, elevator modernization, a pre-built suite program and HVAC system upgrades.
The property is currently 91% leased, with major tenants including Cushman & Wakefield, formerly Massey Knakal Realty Services, 7Park Data, law firm Rosen Livingston & Cholst LLP, law firm Romer Debbas LLP, and R&S Associates. RPW Group is reportedly planning a long-term hold and renovation of the lobby and common areas, hiring Newmark Grubb Knight Frank to market vacant office space and the vacant 4,000 square foot ground floor retail space previously occupied by Food Merchants Café.
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