NEW YORK CITY-RFR Holding and an unnamed real estate investment fund said Friday they had closed on their acquisition of 285 Madison Ave., which formerly served as the worldwide headquarters of advertising agency Young & Rubicam. According to a release from WPP PLC, the London-based parent company of Y&R, the 513,000-square-foot asset traded for $189.25 million. WPP acquired the property along with Y&R, its sole tenant, in 2000.

RFR plans a $50-million total repositioning of the now-vacant Midtown East property, which had served as Y&R’s headquarters since its founding in 1926. Capital improvements will include total infrastructure, common corridors, restroom and building system upgrades, according to a release.

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