RFR Realty Scores $224M for Midtown Manhattan Buy
- Sep 04, 2020
RFR Realty has received $224 million in acquisition financing from Column Financial, public records show. The loan financed the $350 million acquisition of the 595,430-square-foot 522 Fifth Ave. from Morgan Stanley. The asset last traded in 2007, when Broadway Partners sold the property for $468 million, according to Yardi Matrix data. The seller currently occupies the property, which is slated to be vacated in 2024.
The 26-story office building is situated at the intersection with 44th Street, two blocks from both Grand Central Terminal and Bryant Park, four blocks from Times Square and five blocks from the Chrysler Building. The property was completed in two phases, Yardi Matrix data shows. The first phase was originally developed in 1896 as a hotel, converted to office space in 1919, while the second phase came online in 1961. Both were completely renovated in 1997 and then in 2007.
At the end of February, RFR Realty tapped JLL to handle leasing at the Seagram Building. The landlord selected the brokerage company after Wells Fargo departed the iconic tower.