NEW YORK—Inversiones y Representaciones Sociedad Anóma (IRSA) has purchased the remaining shares of minority partner Rigby Asset Management after two years of joint ownership of 183 Madison Ave. IRSA invested in the property in 2011 when the building was 50 percent vacant. Today, the property is 95 percent leased.
Cushman & Wakefield’s leasing team of Harry Blair, senior director, and Sean Kerns, associate director, will continue to lease the property, along with Herald Square Properties’ Principals Gerard Nicer, Michael Reid and John Monaco, who will serve as co-asset managers with the IRSA international management team.
“IRSA’s commitment to elevating the value of this asset has produced tangible results quickly,” said Daniel Elzstain, director, IRSA. “Not only is the building well tenanted, our restoration program achieved a landmark designation for the lobby and façade, and our infrastructure upgrades made it more desirable for a variety of businesses.”
Comprised of 250,000 sq. ft. of space, 183 Madison Ave. stands 19 stories tall. The property was styled in the beaux-arts tradition and was constructed in the mid-1920s. Tenants at the building include Everlast and Charles Komar & Sons, Rubicon Software and Destination Media and the New York offices of Grand Marnier.