NEW YORK CITY-The fee position of 600 Madison Ave., a Plaza District office tower that's home to consulting firm Alvarez & Marsal as well as Ugg Australia's Manhattan flagship store, has traded to the leaseholder for $210 million. A spokeswoman for Massey Knakal Realty Services, which brokered the deal, confirms earlier published reports that the fee position of 600 Madison was acquired by investors associated with the Ruben Cos. from the Wallace estate, whose trustees are the sons of late real estate investor Dolorita Fitzgerald Wallace.

“600 Madison Avenue is a fantastic institutional quality asset,” says Massey Knakal CEO Paul Massey Jr. “We were proud to assist ownership in unlocking significant equity at an opportune time in the capital markets.” Massey arranged the deal along with director of sales Clint Olsen.

Notwithstanding the lengthy term of the ground lease that was a condition of the sale, “the lease language and strong retail market got the attention of a large pool of buyers, which allowed us to really push pricing,” says Olsen. “In the end, it was the leaseholder who purchased the fee, creating instant value in one of New York's best locations.”

The 25-story, 315,918-square-foot 600 Madison was built in 1965, directly across the street from the General Motors Building that opened its doors three years later. Along with Alvarez & Marsal, other office tenants at the property include Chanel, HFZ Capital and Ruben Cos. It also features about 280 feet of frontage along the tony retail corridor of upper Madison Avenue.