By Al Barbarino
William Macklowe has sold two Manhattan office buildings at 400 Madison Ave. and 610 Broadway.
Macklowe first announced the refinancing of the two building after he split from his father Harry, founder of Macklowe Properties, and launched William Macklowe Company back in 2010.
The 22-story, 184,859 s/f building at 400 Madison Ave. in Midtown was refinanced with $66.5 million from Metropolitan Life Insurance Company and Malkin Strategic Capital.
The six-story 122,000 s/f NoHo office/retail building at 610 Broadway, home to a group of boutique financial services tenants and the Adidas Sports Performance, was refinanced with a $43 million first mortgage from Eurohypo.
The marketing efforts got underway in April, when Steven A. Kohn, president of Cushman & Wakefield Sonnenblick Goldman, was tapped by Macklowe to lead the efforts. Kohn did not respond to requests for comment by press time.
Global law firm Paul Hastings LLP represented Macklowe in the sale. Partners Robert Wertheimer and Peter Olsen led the Paul Hastings team, which also included associates Ben Hittman and Adam McGovern.
Initial reports from the law firm stated that Macklowe had sold 400 Madison and 610 Broadway to ASB Real Estate and LaSalle Investment Management, for $148 million and $116 million, respectively; and that Macklowe had retained a 10 percent stake, but the numbers were later recanted. The law firm declined to comment further and neither ASB nor LaSalle responded by press time.
Macklowe also declined comment, but his spokesman confirmed that William Macklowe Company will continue to act as the managing agent for both properties.
Billy Macklowe launched the William Macklowe Company in 2010, taking a team of a dozen professions from Macklowe Properties with him. The firm’s focus lies in acquisitions, strategic lending, real estate investments and acquisitions, in and outside of New York City.
Last month the company signed a contract to buy 386 Park Ave. South, a 20-story, 260,000 s/f building on the corner of East 27th Street.