A partnership between Rockwood Capital, Jamestown, Murray Hill Properties, and Crown Acquisitions announced this week that it had agreed to purchase 530 Fifth Avenue in NYC from a partnership led by Thor Equities for $595 million. While full terms of the partnership and deal were not disclosed, Eastdil represented the selling group in the transaction, expected to close in September. The 26-story contains roughly 480,000 square feet of office space with another 55,000 allocated for retail. Major tenants include Desigual, JPMorgan Chase, Fossil, Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital.
Joe Gorin, Managing Director at Rockwood Capital, said, "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," said 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 monetize the asset."
For more news and information visit Blumberg Capital Partners.
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