NEW YORK CITY—Rockwood Capital, Jamestown, Murray HillProperties, and Crown Acquisitions have entered into a contract tosell 530 Fifth Ave. for $595 million. The buyer of the26-story office and retail building—which occupies the entirewestern block of Fifth Avenue between 44th and45th Streets—is a partnership led by Thor Equities. Thedeal is expected to close in mid-September.

|

The selling group was represented by Eastdil; GlobeSt.com couldnot ascertain the names of the individual brokers on the deal atpresstime, or details on which firm represented the buyer.Representatives of Thor did not return a request for comment byGlobeSt.com by press time. Thor's partners on the deal, accordingto the New York Post, are General Growth Properties andRXR Realty.

|

530 Fifth Ave. contains approximately 480,000 square feet ofoffice space and another 55,000 square feet of retail space,fronting on Manhattan's famed Fifth Avenue. Current retail tenantsinclude Desigual, a Barcelona-based clothing retailer; JPMorganChase; and Fossil. Office tenants include MassachusettsMutual, Diageo North America, Cablevision, Lionsgate and AthyriumCapital.

|

Rockwood, Jamestown, Murray Hill, and Crown originally purchasedthe property in early 2011. Since acquisition, the ownershipteam has invested over $10 million to modernize the building'sinfrastructure, including renovations to thebuilding's lobby, HVACsystem, elevators and common areas. Highlights include a pronounceddouble height entrance, new limestone walls, iconic modernistfurniture, new elevator cabs and state-of-the-art security systems,which create a quality entrance in keeping with the building'sprime Fifth Avenue location.

|

Says Joe Gorin, managing director at Rockwood, says, “530Fifth's dynamic location and architectural features have provided astrong foundation from which to reposition this building as a toptier asset. This property epitomizes Rockwood's strategy ofinvesting in well-located real estate that provides an opportunityto outperform over the long term.” Watch GlobeSt.com for an UPDATEwith more input from Rockwood on this deal.

|

Adds Michael Phillips of Jamestown, “Fifth Avenue will alwaysserve as an iconic location in NYC for retail and office space,”said. “Once we repositioned the 530 Fifth Ave property with arenovated lobby, internal upgrades and amenities it was withEastdil's guidance we saw an opportunity to monetize theasset.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.