NEW YORK CITY-Two months after an agreement wasreached between Macklowe Properties and SL Green Realty Corp. tohalt a foreclosure on Macklowe’s 510 Madison Ave., the boutiqueoffice tower has been sold to Boston Properties. The $280.5-millionpurchase price equals the aggregate principal and accrued intereston the property’s existing senior mortgage loan and seniormezzanine loan, the Boston-based REIT said in a statement lateFriday afternoon.

Earlier this month, Boston Properties bought the $69-millionjunior mezzanine loan on the property for about $22.5 million froma third party, which the New York Post identified as agroup affiliated with O’Connor Capital Partners. Following closingof the Macklowe deal, Boston Properties will be sole owner of 510Madison.

Harry Macklowe, who developed the newly built,350,000-square-foot office tower, will serve as a projectconsultant and advisor and as co-chairman of the marketing andleasing advisory committee for 510 Madison. CB Richard Ellis EVPPaul Amrich will be in charge of leasing the property, whichcurrently is vacant. Its small floorplates, generally in the11,000-square-foot range, are intended for hedge funds and boutiquefinancial firms.