IN-DEPTH LOOK: Crown Acquisitions and Highgate venture acquires 650 Madison Ave. from Carlyle for approximately $1.3 billion

A joint venture between Crown Acquisitions and Highgate Holdings is under contract with The Carlyle Group to acquire 650 Madison Ave., a trophy office tower in downtown Manhattan, for $1.3 billion. Here’s a closer look at the deal.

THE DEAL

A venture between Texas-based Highgate Holdings and Crown Acquisitions, based in New York, has signed a contract with The Carlyle Group to purchase 650 Madison Ave., located in the heart of Midtown’s Plaza District, for approximately $1.3 billion. The price tag on the 600,472-square-foot, 27-story tower equates to about $2,163 per square foot. Adam Spies and Douglas Harmon of Eastdil Secured brokered the tr