NEW YORK CITY-Dallas-based Invesco Real Estate and New York-based Kaufman Organization have closed a deal to acquire a 17-story, 270,000-foot office tower at 100-104 Fifth Ave. for an amount of $93.5 million or about $346 per square foot. The property was bought from a unit of the UK-based Rock Joint Ventures.
The property, currently 70% occupied, was constructed in 1905. Invesco and Kaufman have plans to invest $9 million to renovate the building. Kaufman will be the manager of the property. For the full story, go to Wall Street Journal.
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