August 12, 2019
DivcoWest closed on its purchase of 540 Madison Ave., a 39-story Plaza District office tower. The company didn’t disclose terms of the deal; however, seller Boston Properties (BXP) reported a gross sales price of $310.3 million in an SEC filing.
BXP reportedly put the property up for sale this past April. The REIT acquired it in 2008 as part of a $4-billion package from distressed ownership that included the General Motors Building at 767 Fifth Ave.
The 283,712-square-foot 540 Madison’s floor plates range from approximately 7,000 to 11,500 square feet. DivcoWest plans to locate its New York office at the property.
“DivcoWest continues to like New York’s fundamentals as an innovation hub,” said Ariel Aber, DivcoWest’s senior director, acquisitions. “We are pleased to add 540 Madison to our portfolio and believe its core and central location, surrounded by transportation and amenities and strong tenant roster, make it an attractive building.”
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