Stuart Shiff’s DivcoWest has acquired 540 Madison Avenue from Boston Properties for $310 million. The office building spans 291,000 SF, and is 89 percent leased. Tenants include CIM Group and the German asset manager MEAG NY.
- The play: The building’s impressive floor plates – they span more than 11,000 SF on the lower floors – are perfectly suited for tech tenants. The 39-story office tower sits at the corner of East 55th Street.
- Trend continues… Last year, Divco acquired 311 West 43rd Street (186,000 SF) in Hell’s Kitchen from Billy Macklowe and Principal Real Estate Investors for $131 million
- Historical anecdote: Boston Properties partnered with the Kuwait Investment Authority and a Qatar sovereign wealth fund to acquire the property as part of its nearly $4 billion purchase of four properties from Harry Macklowe in 2008 (GM Building, 125 West 55th Street, and 2 Grand Central Tower). The GM Building is now the only property from that portfolio that Boston Properties still owns.