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Carlyle Group selling NY building for $1.3 billion

NEW YORK (AP) -- The Carlyle Group LP is selling an office and retail building in New York to Crown Acquisitions and Highgate for $1.3 billion.

The property, located at 650 Madison Ave. has 600,472 square feet and houses the corporate headquarters of Polo Ralph Lauren Corp. Carlyle, which bought the property in 2008, has leased more than 400,000 square feet of the building.

Crown Acquisitions invests in, owns and runs retail properties, including some in New York and Miami. The Madison property also lists Crate & Barrel and Tod's as tenants.

Highgate is a real estate investment company that has more than $7 billion in real estate assets.

Carlyle Group, one of the nation's biggest private equity firms, went public in May 2012.