NEW YORK—RFR Holdings has paid $261.5 million to acquire 350 Madison Ave., a 24-story, 394,000-sq.-ft., class-A office building. Jones Lang LaSalle’s capital markets team of Richard Baxter, Jon Caplan, Ron Cohen and Scott Latham, all vice chairmen, represented the seller, Kensico Properties, in the transaction.
Located at the corner of Madison Avenue and West 45th Street in Midtown Manhattan, 350 Madison Ave. was built in 1922 and underwent a complete renovation in 2011. The property has a new façade, lobby and atrium, plus 70,000 sq. ft. of retail space occupied by Paul Stuart. The property offers 2,400- to 23,000-sq.-ft. floor plates for lease.
The property is in close proximity to Grand Central Terminal and is currently 30 percent vacant.
“The low vacancy in the submarket, which is holding at 9.3 percent, is expected to increase rental rates in the better quality buildings,” said Baxter.