Crown, Highgate Pay $1.3B For Madison Ave. Office Tower

Law360, New York (June 3, 2013, 6:31 PM EDT) -- Crown Acquisitions Inc. and Highgate Hotels LP have agreed to buy the 27-story office tower at 650 Madison Ave. from The Carlyle Group LP for $1.3 billion in the most expensive building purchase since 2010, the parties announced Monday.

A building deal of this size hasn't been seen in New York City since Google Inc. purchased the 2.9-million-square-foot office building at 111 Eighth Ave. in December 2010 for $1.8 billion, and comes after an extensive renovation project that Carlyle completed earlier this year.

Carlyle was responsible...
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