NEW YORK CITY—Rockwood Capital, Jamestown, Murray Hill Properties, and Crown Acquisitions have entered into a contract to sell 530 Fifth Ave. for $595 million. The buyer of the 26-story office and retail building—which occupies the entire western block of Fifth Avenue between 44th and 45th Streets—is a partnership led by Thor Equities. The deal is expected to close in mid-September.
The selling group was represented by Eastdil; GlobeSt.com could not ascertain the names of the individual brokers on the deal at presstime, or details on which firm represented the buyer. Representatives of Thor did not return a request for comment by GlobeSt.com by press time. Thor's partners on the deal, according to the New York Post, are General Growth Properties and RXR Realty.
530 Fifth Ave. contains approximately 480,000 square feet of office space and another 55,000 square feet of retail space, fronting on Manhattan's famed Fifth Avenue. Current retail tenants include Desigual, a Barcelona-based clothing retailer; JPMorgan Chase; and Fossil. Office tenants include Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital.
Rockwood, Jamestown, Murray Hill, and Crown originally purchased the property in early 2011. Since acquisition, the ownership team has invested over $10 million to modernize the building's infrastructure, including renovations to thebuilding's lobby, HVAC system, elevators and common areas. Highlights include a pronounced double height entrance, new limestone walls, iconic modernist furniture, new elevator cabs and state-of-the-art security systems, which create a quality entrance in keeping with the building's prime Fifth Avenue location.
Says Joe Gorin, managing director at Rockwood, says, “530 Fifth's dynamic location and architectural features have provided a strong foundation from which to reposition this building as a top tier asset. This property epitomizes Rockwood's strategy of investing in well-located real estate that provides an opportunity to outperform over the long term.” Watch GlobeSt.com for an UPDATE with more input from Rockwood on this deal.
Adds Michael Phillips of Jamestown, “Fifth Avenue will always serve as an iconic location in NYC for retail and office space,” said. “Once we repositioned the 530 Fifth Ave property with a renovated lobby, internal upgrades and amenities it was with Eastdil's guidance we saw an opportunity to monetize the asset.”
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation 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.
