Rockwood/Jamestown Partnership Buys Fifth Ave Tower for $595M

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.

DivcoWest Picks Up One Kendall Square in Boston for $395M

Rockwood Capital and Related Beal announced that their joint venture had completed the sale of the One Kendall Square office, lab and retail complex in Cambridge. San Francisco-based Divco­West purchased the nine-building, 670,000-square-foot campus and a 1,500-car garage in two separate sales totaling $395 million. According to a press release, Rockwood and Related Beal originally acquired the property from Lincoln Property Company and JER Partners for $211 million in 2006.

Joe Gorin, Managing Director at Rockwood Capital said, "We believe One Kendall Square is a great example of our ability to create value in a property, and we are proud of the site's transformation into the city's premier science and technology address. The Boston area will continue to be a key target market for Rockwood."

"We could not be more pleased with the performance of the asset, including this significant transaction. Our partner Rockwood Capital shared a consistent vision with us for what One Kendall Square could be, the most successful mixed-use campus in East Cambridge, and to see it through to execution is very rewarding," said Stephen Faber, Executive Vice President of Related Beal. "Success did not just happen; it was born from a lot of hard work from the entire ownership and management team."

One Kendall Square is a modern mixed-use campus offering a variety of lab, office and retail space for lease in the epicenter of science and technology in the heart of Kendall Square in Cambridge, Massachusetts. Over the course of their ownership, Rockwood and Related Beal invested $75 million in the property's base building infrastructure, public spaces and tenant improvements. One Kendall Square houses more than 50 tenants, including Twitter, Liberty Mutual, Staples and Cambridge Brewing Co., according to a Lowell Sun article.

For more news and information visit Blumberg Capital Partners.