RFR loses 285 Madison to lender
RFR has returned an office building at 285 Madison Ave. to Korean investment firm Daol Asset Management. RFR had owned the building since 2012, paying $189.3 million to acquire the property from Young & Rubicam Inc., New York City property records show.
'After a decade of ownership and great stewardship of 285 Madison Avenue, RFR elected not to bid on the property given its write-down of the property value driven by today's capital markets environment," RFR said in a statement.
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RFR's loan at 285 Madison fell into maturity default in late 2022, but was extended to provide time for recovery. The loan came back into default in late 2024 when the extension expired, according to a statement from Ocean West Capital Partners, which was hired to evaluate debt recovery strategies on the property and led the foreclosure process on the building.
"We believe that the quality of the building, the vibrancy of the market and our cost basis will provide a strong opportunity to enhance cashflows and create value over time," Ryan Tucker, principal at Ocean West, said in a statement.
Newmark is handling the leasing of the office property located near Grand Central Terminal. The average asking rent in the Grand Central submarket is $79 per square foot, according to Avison Young.
Ocean West describes the 285 Madison as "well leased" and is taking note of an improving office market in Midtown Manhattan. More than 57,000 square feet of office availabilities are being marketed as available at the 511,000-square-foot building. After $80 million in renovations, the building was modernized with an amenity program, rooftop deck, event space, conferencing center and gym.
"With Manhattan office leasing trends improving dramatically and increased investment activity in the market, the mezzanine lender concluded that its strongest course of action was to exercise its foreclosure rights and invest new capital to take control of the property," Ocean West said in a statement.
Daol's acquisition comes after RFR lost control of the Chrysler Building earlier this year. RFR is also weighing its options for the Church Missions House, which photo museum Fotografiska departed last fall to seek a new location.
"As we continue to focus on key projects across our 100-property portfolio, our priority is centered on creating value and delivering an exceptional experience for our tenants," RFR said. "We remain excited to pursue new investment opportunities during this dynamic phase of the market cycle."
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