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Carlyle Said to List 650 Madion for Over $1.3 Billion

Carlyle Group LP is putting midtown Manhattan’s 650 Madison Ave. on the market, with a sale expected to fetch more than $1.3 billion and possibly lead to a redevelopment of the office tower into residences, two people with knowledge of the situation said.

Broker Eastdil Secured has the listing for 650 Madison, said one of the people, who asked not to be named because the information on the planned sale is private. Carlyle and a partner bought the building from Hiro North American Properties for $695 million in April 2008, and refinanced it in 2010.

A sale would probably be the biggest so far this year for an entire office building, Dan Fasulo, managing director of Real Capital Analytics Inc. in New York, said in an e-mail.

The building is between East 59th and East 60th streets, one block north of the General Motors Building, and is home to a Crate & Barrel housewares store at street level. A Ralph Lauren Corp. unit is the largest office tenant in the fully leased building, which may sell for as much as $1.5 billion, one of the people said.

Carlyle, the biggest U.S. private-equity firm by assets after Blackstone Group LP, is taking advantage of both strong demand for trophy office buildings and rising apartment rents. In January, Sony Corp.’s U.S. unit agreed to the $1.1 billion sale of its 37-story New York headquarters at 550 Madison Ave. to Chetrit Group, which may convert part of the building to a hotel and residences.

Chris Ullman, a spokesman for Washington-based Carlyle, declined to comment. Martha Wallau, a senior managing director in Eastdil’s New York office, didn’t return a telephone call and e-mail seeking comment.

The planned sale was reported late yesterday by newsletter Real Estate Alert.

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