New York City, December 10, 2025
Oxford University Press has sold its office condominium at 198 Madison Avenue for $40 million, reflecting a strategic shift towards adapting to post-pandemic office needs. Benchmark Properties plans to restore the B. Altman Building, which spans 165,000 square feet, showcasing a trend in the publishing industry as companies reassess their space requirements. This move signals a broader change in workplace dynamics and investment priorities for OUP, as it prioritizes its workforce over maintaining underutilized real estate.
Oxford University Press Sells Manhattan Office for $40 Million
Leading Academic Publisher Reassesses Office Space in Changing Market
New York City – In a significant move reflecting the evolving landscape of office needs, Oxford University Press (OUP) has finalized the sale of its office condominium at 198 Madison Avenue for $40 million. This sale represents not only a strategic shift for OUP but also aligns with broader trends within the publishing industry as companies seek to adapt to post-pandemic work environments.
The recently sold property, the B. Altman Building, spans approximately 165,000 square feet, encompassing the ground floor, mezzanine, and the upper floors of the landmarked structure. As OUP transitions away from its longtime Midtown headquarters, Benchmark Properties, alongside several apparel industry families, has expressed intentions to restore and redevelop the space.
OUP’s Decision to Court Change
OUP’s move to vacate its expansive office space reflects a commitment to prioritize investment in publishing and its workforce over maintaining underutilized real estate. After occupying the B. Altman Building since the mid-1990s, the publisher found it necessary to reassess its operational strategies, indicating a shift facilitated by the ongoing evolution of workplace dynamics.
A Wave of Publishing Industry Realignments
This $40 million transaction follows a growing trend of publishing companies reevaluating their office requirements. Scholastic, for example, recently disclosed plans to sell its Manhattan headquarters along with its primary warehouse in Jefferson City, Missouri, with expectations of over $400 million in net proceeds. Such decisions spotlight the resilient nature of businesses in adapting to new market realities while embracing opportunities for growth.
Benchmark Properties’ Vision for the Future
In acquiring the B. Altman Building, Benchmark Properties, in collaboration with local investors, aims to breathe new life into the historic property. By restoring and redeveloping this architectural landmark, the group seeks to contribute positively to the Midtown economic landscape, showcasing how private investment can catalyze community revitalization.
The Historical Significance of the B. Altman Building
Built in the early 20th century, the B. Altman Building is not only known for its elegant architecture but also for its storied past. Over the decades, it has housed numerous prominent tenants, each leaving a mark on the building’s legacy and character. As a historic landmark, its future redevelopment will have implications not just for the immediate area, but also for New York City’s broader narrative of resilience and entrepreneurship.
Looking Ahead: Opportunities for Local Businesses
The changing landscape in the publishing industry and the sale of OUP’s property presents myriad opportunities for local businesses and entrepreneurs. The reimagining of such historic spaces can lead to innovative designs and uses, reinforcing New York City’s position as a hub for creativity and enterprise. As a city that thrives on entrepreneurial innovation, the continued evolution of its real estate market reflects the spirit of local businesses striving for growth even in challenging times.
Conclusion
The sale of Oxford University Press’s Manhattan office condo at $40 million is a clear indication of transformative trends within the publishing sector. As businesses assess their needs in the context of workplace shifts and economic recovery, the implications for small enterprises and local communities are significant. Stakeholders are encouraged to remain engaged with these developments, supporting innovative ventures that contribute to New York’s dynamic economy.
For readers interested in exploring the evolving landscape of New York’s economy, consider supporting local businesses and staying informed about community developments that foster growth and resilience.
Frequently Asked Questions
What was the sale price of Oxford University Press’s property?
Oxford University Press sold its office condominium at 198 Madison Avenue for $40 million.
Who acquired the B. Altman Building after OUP?
The B. Altman Building was acquired by a group led by Benchmark Properties.
What plans does Benchmark Properties have for the B. Altman Building?
Benchmark Properties intends to restore and redevelop the property.
Why did OUP decide to sell its property?
OUP decided to explore alternatives to its expansive Midtown office space to invest more in publishing and its workforce rather than maintaining underutilized real estate.
What is significant about the B. Altman Building?
The B. Altman Building is a historic landmark with a long past of housing various prominent tenants, contributing to its architectural and cultural significance.
| Features | Details |
|---|---|
| Sale Price | $40 million |
| Building Size | 165,000 square feet |
| Purchaser | Benchmark Properties and partners |
| Property Age | Built in early 20th century |
| Future Plans | Restore and redevelop |
Now Happening on X
- @PublishersWkly (Dec 10, 2025): Oxford University Press has sold its longtime New York City headquarters on Madison Ave. to a group led by Benchmark Properties, following Scholastic’s recent sale of its own Manhattan offices. View on X
- @CrainsNewYork (Dec 9, 2025): Centuries-old British publisher Oxford University Press is turning the page on its Midtown offices with a $40M sale. View on X
- @NYBizJournal (Dec 10, 2025): Oxford University Press has sold its former Manhattan office condos in a notable real estate transaction. View on X
- @commobserver (Dec 9, 2025): Oxford University Press sells its Midtown office condo for $40M in a key Manhattan deal. View on X
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