Jamestown in talks to invest in $1.2b portfolio
Jamestown Properties has acquired a 49 percent joint venture stake in the ownership of two Manhattan office properties from George Comfort & Sons and Loeb Partners Realty. Real Capital Analytics lists the properties valued at $1.15 billion.
The deal involves the purchase of 49 percent stakes in two Manhattan office buildings located less than a mile apart — 200 Madison Ave. and 63 Madison Ave. — for more than $563 million. The portfolio consists of more than 1.5 million square feet.
63 Madison Ave. is a 15-story, 870,000-square-foot office building that is fully occupied by notable tenants including New York Life and CBS. And 200 Madison Ave. is a class A, 26-story, 750,000-square-foot office building which is 99 percent leased to 20 tenants including Philips-Van Heusen, Roche BoBois, and Greater New York Mutual Insurance.
Under the new partnership agreement, George Comfort & Sons, Inc. and Loeb Partners Realty, will together