11 Madison Avenue
In 2015, after a decade of ownership and stewardship The Sapir Organization closed the sale of 11 Madison to SL Green for $2.6B, which was a record price for any single asset transaction in the American real estate market.
Eleven Madison Avenue is a 30-story, 2.3m sf office tower situated on a full city block between Park Avenue South and Madison Avenue, and 24th and 25th Streets. Located in Manhattan’s Midtown South neighborhood, the building is adjacent to the vibrant Madison Square Park and is within steps of many of the neighborhood’s fine restaurants and shopping locations. The property is also home to the world-renowned Eleven Madison Park.
The Sapir Organization acquired the property for $675m in 2003. In 2014, The Sapir Organization successfully negotiated a 20-year term lease renewal for Credit Suisse that kept their U.S headquarters at 11 Madison. Under Sapir’s management, 11 Madison became the headquarters for several marquee firms such as Sony, Yelp, William Morris Endeavors and others.
During Sapir’s ownership NOi tripled from $40m to $120m. Building occupancy was also increased to approximately 98%. This represents a 3.85x 12-year return over the initial purchase price. The sale marked one of the most valuable single asset transaction in American real estate history.