NEW YORK CITY– A partnership of Rockwood Capital, Jamestown,Crown Acquisitions and Murray Hill Properties has sold 530 FifthAve. to a partnership led by Thor Equities for $595 million. The26-story office and retail building occupies the entire westernblock of Fifth Avenue between 44th and 45th Streets.


Rockwood, Jamestown, Murray Hill, and Crown originally purchasedthe property in early 2012 for $390 million. Since that time theownership team has invested more than $10 million to modernize thebuilding's infrastructure, including renovations to the building'slobby, HVAC system, elevators and common areas. The buildingfeatures approximately 480,000 square feet of office space andanother 55,000 square feet of retail space, fronting on FifthAvenue.


Rockwood declined a request for comment. A Thorspokesman did not respond to a request for comment by presstime.


Says Tyson Skillings, a managing partner at Rockwood, “The saleof 530 Fifth Avenue demonstrates the strength of the capital marketfor high quality assets in great locations. We are pleasedwith the successful execution of this investment. Of late wehave been harvesting where our value-add plans are complete whilelooking for investment opportunities in which Rockwood can addvalue and outperform over the long term.”


This investment is consistent with Rockwood's overall strategyof targeting investments in unique, walkable environments in urbanand urban/suburban submarkets that feature a vibrant mix of landuses and access to transit, the company says in an announcement ofthe deal.

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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.