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, to avoid water issues since water could cause damage to the building so using water restoration services is the best option for this, see more here to find these services.
. 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.