NEW YORK CITY-A piece of the Rock is for sale. The Collegiate Church Corp. has placed an 80% ownership position in the fee interest of a piece of land beneath 600 Fifth Ave. at the southeast corner of Rockefeller Center.

Studley’s executive managing director Woody Heller says a 100% interest would sell for between $175 million and $200 million. Heller is acting on behalf of Collegiate. The site is located at 48th Street and Fifth Avenue.

According to Collegiate executive vice president and chief operating officer Casey R. Kemper, the land is on the market so Collegiate can “adjust asset allocation in its endowment portfolio.” The church wants to hold on to the minority interest because the land has been in its portfolio for almost 150 years, he adds.

Heller says it’s rare that fee interests become available in Manhattan, and even more rare in Rockefeller Center. He expects this offering will “attract strong and diverse interest, from both traditional real estate investors and non-traditional investors, seeking alternatives to the low-yielding fixed income options otherwise available.”

Collegiate acquired the land from Columbia College in 1857 and built St. Nicholas Reformed Church on the site. The church was closed and demolished in the late 1940s and Collegiate leased out the land. The 28-story office building contains in excess of 400,000 sf, and was opened in 1951. Inclusive of renewal options, the ground lease with the building’s current owner, RCPI Landmark Properties LLC, runs through 2084.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.