LaSalle Investment Management has sold 551 Madison Avenue to Cornerstone Properties for $128 million. The 150,000-square-foot, 17-story tower is the former Winslow Hotel and today sports dual LEED for Existing Buildings: Operations & Maintenance and Energy Star designations, the latter dating from 2008 with a score of 75. Its LEED Certified rating includes 5/10 in Materials & Resources and 7/14 in Water Efficiency. The sale, which was originally reported last week in the New York Post, closed on December 27, 2012.
551 Madison Avenue’s colorful history includes originally serving as a boarding house for white collar workers during the 1920s and 30s until that venture failed during the Depression and the building was converted into a hotel. Converted again from a hotel to office space in 1982, the tower’s renovation deliberately referenced the architecture of Philip Johnson’s AT&T Building across the street by retaining the original masonry as piers while installing new reflective glass.
According to CBRE – which brokered the deal – 551 Madison is currently 91 percent occupied; major tenants include LaCoste, Union Bank North America, Golub Capital and Milestone Venture Partners.