NEW YORK CITY—When Rockwood Capital announced Friday that it was selling 530 Fifth Ave.—along with partners Jamestown, Murray Hill Properties, and Crown Acquisitions—managing director Joe Gorin had nothing but praise for the building.

He noted its “dynamic location, architectural features” and the fact that the office building is “well-located real estate that provides an opportunity to outperform over the long-term. However, the joint venture owners apparently set out to refurbish and reposition the building when they purchased it in 2011 and that effort—coupled with sharp market timing—made the property primed for sale now, Gorin revealed to in this UPDATE.

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