RPW Group Buys 275 Madison Avenue

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.

For more news and information visit Blumberg Partners.

Cushman & Wakefield Buy Massey Knakal for $100M

In the bidding tournament to acquire Massey Knakal Realty Services, Cushman & Wakefield won out and has agreed to pay about $100 million to acquire New York's No. 1 Investment Sales firm (based on transaction volume) for more than a decade. The deal is expected to be completed by year's end; Cushman & Wakefield was advised in the acquisition process by Goldman, Sachs & Co. while Massey Knakal was advised by Perella Weinberg Partners.

Founded in 1988 by Paul Massey Jr. and Robert Knakal, Massey Knakal has closed more than 5,000 transactions in the New York area with a market value in excess of $21 billion. Earlier this year, the firm retained Perella Weinberg Partners to shop a minority stake or the entire firm to potential buyers, according to various media reports. In addition to Cushman, CBRE and DTZ were reported to be interested in the firm, according to a CoStar article.

"From the outside looking in, this is a great fit and opportunity for both firms to continue to grow and provide their clients with an added level of expertise on a global platform," said Ric Clark, Chief Executive Officer of Brookfield Property Partners and a member of Massey Knakal's Board of Advisors. "Paul and Bob are strong leaders joining a strong brand in Cushman & Wakefield, which resonates in the industry all over the world. I expect to see great things from this collaboration in the years ahead."

For more news and information visit Blumberg Capital Partners.

The University Avenue Portfolio Sold for $13M

A portfolio of properties in West Bronx known as the University Avenue Portfolio sold this week for an aggregate value of $13,275,000. H.W. Wilson sold the portfolio to Tuck-It-Away Associates in a deal brokered by Massey Knakal Realty Services. The Universality Avenue Portfolio, consisting of a warehouse/office building and ten surrounding development parcels in the Highbridge section of the West Bronx, was previously sold as a package in 2012, when the asking price was $21.9 million, according to a Crain's New York Business report from July 2011.

The portfolio of buildings and development sites include 950 University Ave., a collection of five inter-connected buildings totaling 142,030 square feet. "We are excited to make the building our new headquarters as well as our newest self-storage center," said the buyer, Nick Sprayregen, President of Tuck-It-Away Associates, LP.

"This site and iconic lighthouse building was home to the H.W. Wilson Company for almost a century," said Nicholas Burns, who exclusively handled this transaction with David Simone. "While most of the individual lots are slated for residential development, 920 University Avenue will become a hotel, which will be the closest hotel to Yankee Stadium," David added.

For more news and information visit Blumberg Capital Partners.