October 26, 2018
ASB Real Estate Investments has sold 400 Madison Ave., a landmarked 180,000-square-foot Midtown East office building, for $194.5 million to Daishin Securities. A Meridian Investment Sales team of Helen Hwang, Karen Wiedenmann, Brian Szczapa, Ernie Nichols, and Nicholas Dailey represented Daishin.
“400 Madison presented a rare opportunity to control an entire block-front along one of Manhattan’s preeminent office and retail corridors,” said Hwang. She added that the “significant investment and interest” in Midtown East following its rezoning “is a testament to what the future holds for this location and asset.”
ASB pursued a value-add strategy on the property after acquiring it in 2012, and took advantage of “buyer interest in securing a core asset in a prime Midtown location,” said ASB’s Brodie Ruland.
Pillsbury partners Caroline Harcourt and Paul Shapses co-led the legal team advising Daishin. The Macklowe Organization currently manages the property and will continue doing so post-closing.
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