After less than two years of joint ownership of 183 Madison Avenue, IRSA – Inversiones y Representaciones Sociedad Anóma – has purchased the remaining shares of minority partner Rigby Asset Management.
IRSA invested in the Midtown South office building, located at the southeast corner of Madison Avenue and 34th Street, in 2011 when it was 50 percent vacant. Today, the building is 95 percent leased.
The transition will include the original Cushman & Wakefield leasing team of Harry Blair, Senior Director, and Sean Kerns, Associate Director. In addition, Herald Square Properties’ Principals Gerard Nocera, Michael Reid and John Monaco have been retained as co-asset managers along with the IRSA International management team.
“IRSA’s commitment to elevating the value of this asset has produced tangible results quickly,” points out Daniel Elzstain, IRSA’s Director. “Not only is the building well-tenanted, our restoration program achieved a landmark designation for the lobby and façade, and our infrastructure upgrades made it more desirable for a variety of businesses.”
Styled in the Beaux Arts tradition, the 19-story, 250,000 s/f, circa 1925 office building has a diverse range of tenants that include traditional apparel companies, such as Everlast and Charles Komar & Sons; technology and software firms like Rubicon Software and Destination Media; and the New York offices of Grand Marnier.
Adds Mr. Blair, “The speed of the leasing campaign exceeded all expectations, especially going from nearly vacant to almost fully occupied in under two years. The irony that one of our tenants publishes ‘Great Places to Work,’ kind of says it all.”
IRSA, Argentina’s largest landlord, began expanding into the US real estate market in 2009 and has since invested in two publicly-traded hospitality REIT’s, comprising Supertel Hospitality, Inc., a group of approximately 94 hotels primarily in the Midwest; and Hersha Hospitality Trust, which owns over 50 hotels in gateway cities, including 20 in the greater New York metro area.
Commercial asset in New York City include the Lipstick Building at 885 Third Avenue, between 53rd and 54th Streets. The world-renowned Philip Johnson-designed office tower is 95 percent occupied and its largest tenant is international law firm, Latham & Watkins.
