Mitsui

A Japanese investment firm called Mitsui Fudosan is under contract to buy 527 Madison Avenue for $160 million, according to a source familiar with the deal, shattering rumors that a Chicago-based firm was the main contendor for the building.

Mitsui Fudosan is buying the 26-story 527 Madison for $225 million. Meanwhile, the Chicago-based Transwestern is under contract to take Tower 56 at 126 East 56th Street at for $160 million.

Both buildings were part of the so-called Equity Office Portfolio, which Macklowe Properties bought in early 2007 for a stunning $7 billion, putting down just $50 million and leveraging the GM Building.  read more »