650 Madison Avenue

Complete Portfolio
Partner: The Carlyle Group

In May 2011, Carlyle Group, as majority owner, partnered with ClearRock to redevelop 650 Madison Avenue. The property underwent a +$40MM capital improvement plan including a heralded new lobby, elevators, façade, exterior lighting, HVAC and security systems. With these enhancements and a world class tenant roster including Ralph Lauren, Tod’s and Crate & Barrel, 650 Madison secured its stature as one of the best and most valuable properties in New York City. After the completion of capital improvements and an intensive operations overhaul, the asset was sold for $1.35BB, the largest Manhattan property sale in 2013.