Rockwood Capital, Jamestown, Murray Hill Properties and Crown Acquisitions are to sell 530 Fifth Avenue, a 26-storey office and retail building, for USD595 million.
The buyer is a partnership led by Thor Equities. The deal is expected to close in mid-September.
530 Fifth Avenue contains approximately 480,000 square feet of prime office space and another 55,000 square feet of retail space, fronting on Manhattan’s famed Fifth Avenue. Current retail tenants include Desigual, a Barcelona-based clothing retailer; JPMorgan Chase; and Fossil. Office tenants include Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital.
Rockwood, Jamestown, Murray Hill, and Crown originally purchased the property in early 2011. Since acquisition, the ownership team has invested over USD10 million to modernise the building’s infrastructure, including renovations to the building’s lobby, HVAC system, elevators and common areas. Highlights include a pronounced double height entrance, new limestone walls, modernist furniture, new elevator cabs and state-of-the-art security systems.
Joe Gorin, managing director at Rockwood, says: “530 Fifth’s dynamic location and architectural features have provided a strong foundation from which to reposition this building as a top tier asset. This property epitomizes Rockwood’s strategy of investing in well-located real estate that provides an opportunity to outperform over the long term.”
“Fifth Avenue will always serve as an iconic location in NYC for retail and office space,” says Michael Phillips of Jamestown. “Once we repositioned the 530 Fifth Ave property with a renovated lobby, internal upgrades and amenities it was with Eastdil’s guidance we saw an opportunity to monetise the asset.”