Tishman Speyer Properties, together with the Cogswell-Lee Development Group, has entered into an agreement to purchase 183 Madison Ave. in New York City for $185 million, or $674 per square foot. The Argentinian real estate development firm IRSA is selling the art deco building known as the Madison-Belmont Building on East 34th and Madison. According to a New York Post article, Tishman is expected to target the building toward tech, advertising, media and Internet (TAMI) companies. Terms of the deal were not disclosed. IRSA and Rigby Asset Management purchased the building in 2010 for $85.1 million before IRSA took over full ownership of the building, as the Post noted.
The 274,413-square-foot building was designed by Warren & Wetmore, which also designed Grand Central Terminal, and was completed in 1925 for the Merchants & Manufacturers Exchange of New York as office and showroom space for silk companies in the developing Silk District of Manhattan. According to a press release from Tishman, the property is currently 95% leased.
"183 Madison Avenue, a magnificent property in the heart of one the world's leading magnets for technology, media, design and entertainment firms,” Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer said in a prepared statement. "Along with Tishman Speyer's recent acquisition of nearby 175 Varick Street, this continues our strategy of investing in New York City's fastest growing submarkets, including Midtown South, Hudson Yards and Long Island City."
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