Carlyle Group (CG) has agreed to sell a 27-story office and retail building on Madison Avenue...

|About: The Carlyle Group (CG)|By:, SA News Editor

Carlyle Group (CG) has agreed to sell a 27-story office and retail building on Madison Avenue near Central Park for $1.3B, the highest amount paid of a commercial property in Manhattan in over two years. Carlyle bought the tower in 2008 for a reported $680M, although it's not clear what the private-equity firm's profit on the building is, as it invested additional money in the property. The buyer is a venture of Crown Acquisitions and Highgate.