NEW YORK—Cornerstone Properties has acquired 551 Madison Ave. for $128 million. CBRE’s Darcy Stacom, Bill Shanahan, both vice chairmen, and Paul Gillen, senior VP, represented the seller, LaSalle Investment Management, in the transaction.

Located in Midtown Manhattan, 551 Madison Ave. totals approximately 150,000 sq. ft. of office and is currently 91 percent occupied.

“Clearly, 551 Madison is a fantastic boutique office building with a great location,” said Stacom. “We are thrilled to have brought together two important clients to complete this sale.”

Built in 1922, the property stands 17 stories tall.