Ashkenazy Acquisition Corp. and The Carlyle Group Acquire 650 Madison Avenue; Plaza District Trophy Changes Hands in Single Largest Real Estate Deal of 2008

New York, New York - Ashkenazy Acquisition Corp. and The Carlyle Group today announced they have completed the acquisition of 650 Madison Avenue, an approximately 600,000-square-foot trophy office and retail tower. The property was acquired from Hiro Real Estate Co. for $680 million.

The property is well positioned at one of Midtown Manhattan’s premier locations – the block spanning 59th and 60th Streets on Madison Avenue – across from the GM Building in the heart of the city’s Plaza District with views of Central Park and in the immediate vicinity of Barney’s. The property’s square footage includes approximately 90,000 square feet of prime retail space, which features the New York City flagship stores of Crate and Barrel and Tod’s. Office tenants in the building include Polo Ralph Lauren’s corporate headquarters, Columbia Presbyterian, as well as several prominent investment firms.

“This deal further cements our position as the largest retail landlord on Madison Avenue and we are thrilled to add it to our bi-coastal portfolio of high-end assets,” said Ashkenazy Acquisition Corp. President Michael Alpert. “Situated at the epicenter of New York City’s most coveted office and retail neighborhood, this Midtown tower leased to world-class tenants presented a rare real estate opportunity that we embraced with enthusiasm. We are pleased that during a period of economic uncertainty, where deals have not always come together easily, we were able to obtain efficient financing with significant lender interest.”

Ashkenazy Acquisition owns notable properties across the U.S. including Washington, DC’s Union Station, Barney’s New York locations in New York, Beverly Hills and Chicago, and San Antonio’s River Center Mall.

A syndicate of lenders that includes Natixis and Shorenstein provided the financing for the transaction. Ackman Ziff worked with the partners to secure financing.

The joint venture was represented by counsel, Kriss & Feuerstein LLP and Greenberg Traurig LLP. Eastdil Secured participated in an advisory role on behalf of the buyer.

JP Morgan Chase Realty Advisors represented the seller, Hiro Real Estate Co.

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About Ashkenazy Acquisition Corporation
Headquartered in New York City, Ashkenazy Acquisition Corp. is a private, real estate investment firm that acquires and operates primarily retail and office assets. Ashkenazy Acquisition has acquired over 13 million square feet of retail and office properties, located throughout the United States and Canada. With more than 70 properties and a combined value of over $5 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets. www.aacrealty.com

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