Wednesday, January 2, 2013

RFR Acquires Y&R Headquarters At 285 Madison

National Commercial Real Estate News From CoStar Group

RFR Acquires Y&R Headquarters At 285 Madison

RFR Holding, in partnership with an undisclosed real estate investment fund, has acquired the property known as 285 Madison Avenue, a 26-story office building in Midtown Manhattan’s Grand Central district.

Advertising and communications agency Young & Rubicam, which is relocating, sold the 1929-vintage property for a reported $189 million. RFR, a privately held Manhattan-based owner and developer, will invest $50 million in a full repositioning...

KBS Acquires Lake Carolyn Tower For $46M

KBS Real Estate Investment Trust III purchased a 364,366-square-foot office building in Irving, TX, for $46.3 million.

The fund acquired Tower on Lake Carolyn on Dec. 21 through an indirect wholly owned subsidiary from SP III 909 Lake Carolyn Parkway, L.P, a seller not affiliated with KBS or its advisor.

KBS funded the acquisition of the Tower on Lake Carolyn with proceeds from this offering and $20 million of proceeds from its U.S. Bank...

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