Crown Acquisitions and Highgate Reach Agreement with The Carlyle Group to Acquire Office and Retail Tower at 650 Madison Ave. in New York City for $1.3 Billion

                  
                          650 Madison Ave., New York City, NY

New York, NY, June 3, 2013 – Noted retail property specialist Crown Acquisitions and Highgate, a fully-integrated real estate investment firm, are under contract with global alternative asset manager The Carlyle Group to acquire the trophy 27-story glass and steel office and retail tower at 650 Madison Avenue for a purchase price of $1.3 billion.

Stanley Chera and 650 Madison Ave.

Located in the heart of Midtown’s Plaza District, New York City’s most prestigious and exclusive submarket, 650 Madison is an iconic 600,472 square foot complex.

“650 Madison Avenue is one of the finest properties in all of Manhattan, a trophy in every sense,” said Stanley Chera, founding principal of Crown on behalf of the partnership of Crown and Highgate.

“The unmatched location – outstanding for office and retail use – and the superior quality of the asset solidify its position as a trophy for generations to come. We look forward to continuing the trend established by Carlyle of value creation and excellence in ownership.”

Adam Spies

Originally designed by prominent architecture firm Harrison & Abramovitz in 1957, 650 Madison Avenue is one block east of Central Park and adjacent to the GM Building. 
It was initially built as a ten-story, corporate headquarters for the C.I.T Corporation. 

The office tower in its current form was designed by Fox & Fowle and redeveloped by Hiro Real Estate in 1987, adding 17 floors atop the existing structure and boasting panoramic views of Central Park.

Douglas Harmon

Adam Spies and Douglas Harmon of Eastdil Secured acted as exclusive broker in this transaction.

Carlyle Realty Partners V, a $3 billion opportunistic U.S. real estate fund, made this investment in 2008.

 For a complete copy of the company’s news release, please contact:
.
Eric Gerard
eric@greatink.com                                     
212-813-4717

212-741-2977              

www.carlyle.com
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