SL Green Realty Corp. has closed on its purchase of 625 Madison Ave., a class A, 600,000-square-foot office tower located in the Plaza District of New York City.
The transaction was valued at approximately $232 million.
Jonathan Serko and Ron Cohen, Cushman & Wakefield executive directors, were the sole brokerage professionals on the sale.
Originally erected in 1930 as the 12-story Plaza Building, 625 Madison Ave. had five stories added in 1956. In 1987, architect Der Scutt, who designed Trump Tower, renovated the building, adding bronze storefronts and a two-story marble lobby.
The property is located one block from Central Park. Major tenants include Polo Ralph Lauren, Wachovia and Nieman Marcus. The property also contains approximately 53,000 square feet of retail space, currently 100 percent occupied by top retail companies such as Swarovski, Wolford Boutiques, Baccarat and Pierre Deux.
Cushman & Wakefield is a privately held commercial real estate services company operating in 48 countries around the globe.
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