ASB Real Estate Investments has sold 400 Madison Ave., a landmarked 180,000-square-foot Midtown East office building, for $194.5 million to Daishin Securities. A Meridian Investment Sales team of Helen Hwang, Karen Wiedenmann, Brian Szczapa, Ernie Nichols, and Nicholas Dailey represented Daishin.
“400 Madison presented a rare opportunity to control an entire block-front along one of Manhattan’s preeminent office and retail corridors,” said Hwang. She added that the “significant investment and interest” in Midtown East following its rezoning “is a testament to what the future holds for this location and asset.”
ASB pursued a value-add strategy on the property after acquiring it in 2012, and took advantage of “buyer interest in securing a core asset in a prime Midtown location,” said ASB’s Brodie Ruland.
Pillsbury partners Caroline Harcourt and Paul Shapses co-led the legal team advising Daishin. The Macklowe Organization currently manages the property and will continue doing so post-closing.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!