Daishin Securities bought 400 Madison Avenue, a 180,000 sq ft office building near New York City’s Grand Central Station, from ASB Real Estate Investments for $194.5m. The buyer paid $1,080 per sq ft for the 21-story office tower. Built in 1929, the building houses 40 tenants, including retailers Citi, Bluestone Lane, Robert Marc, Kamakura and The Tie Bar. ASB purchased the asset from William Macklowe Company for $139.4m in 2012. āWe took the opportunity to harvest the investment after successfully enhancing the building through our value-add strategy and taking advantage of buyer interest in securing a core asset in a prime Midtown location,ā said Brodie Ruland of ASB.
