Vornado, Others Close $1.3B Deal At 650 Madison Ave.

Law360, New York (October 1, 2013, 2:37 PM EDT) -- Vornado Realty Trust, Oxford Properties Group, Crown Acquisitions Inc. and Highgate Hotels Inc. have closed on their $1.29 billion purchase of a 27-story New York City office tower at 650 Madison Ave., Vornado announced Monday.

The high-powered joint venture, which also includes unnamed institutional investors advised by J.P. Morgan Asset Management, acquired the 594,000-square-foot Class A office tower, which covers a full block on Madison Avenue between 59th and 60th streets.

The office serves as the world headquarters for Polo Ralph Lauren, which uses about 274,000...
To view the full article, register now.