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Report: JV puts NYC office building up for sale

A partnership of Friedland Properties, Nightingale Properties and Pershing Square Capital Management LP CEO Bill Ackman has put the 645 Madison office building in New York City on the market, which sources said could go for $120 million, the New York Post reported, citing unnamed sources.

Marcus & Millichap is marketing the roughly 164,000-square-foot, 22-story building that is undergoing renovations. TF Cornerstone last sold the asset's ground lease in 2015 for $76 million, the sources told the publication.

National Realty & Development Corp. owns the land beneath the property, according to the report.