GLL Real Estate Partners Enters 99-Year Ground Lease
The 184,000-square-foot mixed-use property sits on the southeast corner of East 48th Street and Fifth Avenue in Manhattan and is the firm’s largest transaction to date.
NEW YORK CITY- GLL Real Estate Partners, a subsidiary of Macquarie Infrastructure and Real Assets, has entered into a 99-year ground lease at 589 Fifth Avenue. The 184,000-square-foot mixed-use property sits on the southeast corner of East 48th Street and Fifth Avenue in Manhattan and is the firm’s largest transaction to date. The terms of the deal are undisclosed.
Located in the Midtown East submarket, the 17-story building houses a 57,000-square-foot H&M store on the first five floors and has retail frontage along Fifth Avenue. The office component totals 127,000 square feet, with floor plates ranging from 5,000 to 15,000 square feet.
GLL invests on behalf of a group of German institutional investors and has been in the New York City market since 2010, acquiring an asset in prime submarkets. “We continue to seek value-creating opportunities for our client base, adding unique investment opportunities to our portfolio and growing our assets under management, here in the U.S. as well as internationally,” said Christian Goebel, executive vice president at GLL, in a prepared statement.
The ground lease transaction exceeds the firm’s previous Manhattan transaction that includes the purchase of a full-block retail condominium on the Upper East Side.