April 4, 2019
Boston Properties (BXP) has put 540 Madison Ave. on the market, according to Crain’s New York Business. The REIT reportedly expects to fetch about $300 million for the 39-story, 284,000-square-foot tower.
Along with the General Motors Building at 767 Fifth Ave., 540 Madison is a holdover from a quartet of Midtown office buildings BXP acquired from Macklowe Properties for nearly $4 billion in a 2008 distressed-asset sale.
BXP has hired CBRE’s Darcy Stacom to market 540 Madison, Crain’s reported. Stacom also handled the dispositions of the two other properties BXP acquired from Macklowe: 2 Grand Central Tower and 125 W. 55th St. CBRE declined comment on the Crain’s report.
In common with the GM Building, BXP’s ownership of 540 Madison comprises a 60% stake in a joint venture. Crain’s speculated that the smaller deal size on 540 Madison, by comparison with far pricier Manhattan office assets, may broaden its investor appeal.
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