Simpson Thacher Represents The Carlyle Group in $1.3 Billion Sale of 650 Madison Avenue, NYC
06.03.13
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The Firm is representing an affiliate of Carlyle Realty Partners V in connection with the announced sale of 650 Madison Avenue, New York City to a joint venture between Crown Acquisitions Inc. and Highgate Holdings Inc. The sale is being reported as the highest per square foot price for an office building ever paid. The 600,000 square foot building is located on Madison Avenue between 59th and 60th Streets and includes 75,000 square feet of retail currently leased by Crate & Barrel and Tods.
The transaction is expected to close by the end of the third quarter of 2013 and is subject to customary closing conditions.
The firm had represented Carlyle in several financing transactions relating to 650 Madison.
The Simpson Thacher team includes Scott Kobak, Whitney Roland, Daniel Molina, and Nitya Kumar (Real Estate), Nancy Mehlman (Tax) and David Rubinsky (ECEB). Valuable assistance was provided by Summer Associate Mark Semotiuk.