A well-known and historic office building in downtown Louisville is on the market for a buyer with deep pockets.
The Madrid Building, at 545 S. Third St. in the city’s Central Business District, has been put up for sale, according to a Kentucky Commercial Real Estate Alliance listing. JLL Louisville, the real estate group behind the sale, listed the selling price for the more than 56,000-square-foot space at $10 million.
The three-story Madrid Building, directly across the street from the Louisville Water Company’s headquarters, includes a 220-space parking garage that will be included in the sale and is just a couple of blocks from notable downtown locations like Fourth Street Live and the Omni Louisville Hotel. It was last purchased in 2007 by Interlock Realty Co. for just over $2.5 million, according to Jefferson County Property Valuation Administration records.
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The Madrid Building was built in 1929 and underwent a complete renovation in 2009, according to the JLL Louisville listing. It was named after the Madrid Ballroom, which was once open for customers as a nightclub on the building’s top floor, according to Broken Sidewalk, an influential Louisville history and urban design website.
Several offices spaces are currently on the market for buyers looking to set up shop in downtown Louisville.
The Madrid Building is one of the largest buildings for sale in 40202, the ZIP code that contains most of the Central Business District. Other notable offices in the area listed on the Kentucky Commercial Real Estate Alliance’s website include the towering First Trust Centre at 500 S. Fifth St. (sale price: $11 million), a five-story office at 450 S. Third St.($3.3 million), a six-story complex at 222 S. First St. ($6.5 million) and a five-story building at 315 W. Market St., across the road from the Kentucky International Convention Center (about $4.5 million).
Lucas Aulbach can be reached at [email protected], 502-582-4649 or on Twitter @LucasAulbach.