NEW YORK CITY — A partnership led by Thor Equities has purchased a 26-story office building in New York for $595 million. The property, 530 Fifth Avenue, occupies the entire block of Fifth Avenue between 44th and 45th streets.
The structure contains about 480,000 square feet of prime office space and another 55,000 square feet of retail space. Notable retail tenants include Desigual, JPMorgan Chase and Fossil. Office tenants include Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital.
The sellers, which purchased the building in 2011 and have invested more than $10 million to modernize its infrastructure, included Rockwood Capital, Jamestown, Murray Hill Properties and Crown Acquisitions. Eastdil represented the sellers in the transaction. The deal is expected to close in mid-September.
“530 Fifth’s dynamic location and architectural features have provided a strong foundation from which to reposition this building as a top-tier asset,” says Joe Gorin, Rockwood’s managing director. “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 New York City for retail and office space, says Michael Phillips of Jamestown. “Once we repositioned the 530 Fifth Avenue property with a renovated lobby, internal upgrades and amenities, it was with Eastdil’s guidance we saw an opportunity to monetize the asset.”
Thor Equities has partnered with General Growth Properties and RXR Realty on this off-market deal. The New York-based firm specializes in urban real estate development, leasing and management. Thor Equities targets retail and mixed-use assets in high-density areas.
— Nellie Day