Kering, the French luxury group that owns Gucci, Balenciaga and Alexander McQueen, has acquired the retail portion of 715-717 Fifth Avenue in New York City. for $963 million. The 115,000 square foot property was sold by SL Green and Jeff Sutton’s Wharton Properties, according to the Real Deal.

Sutton was also the seller of 720 Fifth Ave. for approximately $410 million. Prada scooped up that property several weeks ago along with the 12-floor building it has been leasing since 1997 at 724 Fifth Avenue. It paid $425 million for that building.

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Erika Morphy

GlobeSt

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