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BXP Reportedly Puts 540 Madison on the Block
Boston Properties (BXP) has put 540 Madison Ave. on the market, according to Crain’s New York Business. The REIT reportedly expects to fetch about $300 million for the 39-story, 284,000-square-foot tower.
Along with the General Motors Building at 767 Fifth Ave., 540 Madison is a holdover from a quartet of Midtown office buildings BXP acquired from Macklowe Properties for nearly $4 billion in a 2008 distressed-asset sale.
BXP has hired CBRE’s Darcy Stacom to market 540 Madison, Crain’s reported. Stacom also handled the dispositions of the two other properties BXP acquired from Macklowe: 2 Grand Central Tower and 125 W. 55th St. CBRE declined comment on the Crain’s report.
In common with the GM Building, BXP’s ownership of 540 Madison comprises a 60% stake in a joint venture. Crain’s speculated that the smaller deal size on 540 Madison, by comparison with far pricier Manhattan office assets, may broaden its investor appeal.
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