NEW YORK CITY—When Rockwood Capital announced Friday that it was selling 530 Fifth Ave.—along withpartners Jamestown, Murray Hill Properties, and CrownAcquisitions—managing director Joe Gorin had nothing but praise forthe building.

He noted its “dynamic location, architectural features” and thefact that the office building is “well-located real estate thatprovides an opportunity to outperform over the long-term. However,the joint venture owners apparently set out to refurbish andreposition the building when they purchased it in 2011 and thateffort—coupled with sharp market timing—made the property primedfor sale now, Gorin revealed to in thisUPDATE.

“Rockwood's and our partners' original investment thesis was toinvest in the repositioning of a prominent retail and office assetat a time when office demand growth and retail rents along thisprime swath of Fifth avenue were improving,” he notes. “Bysuccessfully executing building improvements, tenant buyouts, andour leasing program, we were able to deliver a reinvented assetinto a robust tenant and capital markets environment. Thisconfluence of factors led us to initiate a monetization effort andwe are very pleased with the results.”

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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.