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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.