Thor Buys 545 Madison Ground Lease For $55M

NEW YORK CITY-Thor Equities has acquired the ground lease at 545 Madison Ave., an 18-story, 139,537 square foot office and retail tower on the southeast corner of 55^th Street and Madison Avenue. Industry sources report that the company paid $55 million for the asset—or $417 per-square-foot—and the seller was a joint venture partnership of LCOR and BlackRock Realty. The building is owned by Joseph E. Marx Co.

Sources also report that the sellers were represented in the deal by Eastdil Secured, which has been busy brokering big deals in recent days. Thor CEO Joseph Sitt represented himself in the transaction.

The LEED-Gold mixed-use property recently underwent a $100 million redevelopment and is 93.3% leased. Tenants in the office component of the building include high-end financial advisory and investment firms, as well as technology/media firms. Luxury retailers Alfred Dunhill and Panerai, subsidiaries of one of the world's leading luxury good conglomerates, Richemont, occupy the two floors of retail space.

“545 Madison Avenue is the epitome of what New York City real estate has to offer. It is a state-of-the-art property located at the epicenter of the city's Plaza District and counts elite financial and tech firms, and luxury retailers as tenants,” says Joseph Sitt, CEO of Thor Equities. “This was a rare opportunity to acquire a premier property and we are excited to add it to our growing portfolio.”

The property counts among its neighbors some of the city's most high-end retailers, hotels and restaurants—including Bergdorf Goodman, Saks Fifth Ave., Tiffany and Coach; the Four Seasons and the St Regis hotels; and Nobu 57, Le Grenouille, Lever House and Danielrestaurants—to name a few.

The tower features a dramatic double-height lobby, floor-to-ceiling glass windows, nine-foot finished ceiling heights, state-of-the-art elevators and mechanical systems, 6,200 to 9,200 square foot floor plates, and five floors with outdoor terr