Leasehold Interest in Union Square Office Building Up for Sale

Madison Capital and Lubert-Adler Partners have introduced the sale offering of the leasehold interest in 71 Fifth Avenue, which has 94 years of term remaining. The 150,000-square-foot building located on the southeast corner of East 15th Street is currently 91% leased with 8-year weighted average lease term. The sellers acquired the leasehold interest in 2017 and “agreed to pay $85 million upfront and $3.5 million in annual rent after signing a hard contract to acquire the fee position of the 11-story building.”