Thor Equities Adds to Manhattan Footprint with $590M Deal for 530 Fifth Ave.
- Jun 20, 2014
In a $590 million deal that promises to further expand its Midtown Manhattan footprint, Thor Equities has agreed to acquire 530 Fifth Ave. from a partnership led by Rockwood Capital and Jamestown. The sale is scheduled to close in mid-September, the sellers noted in a statement released on Thursday. Douglas Harmon and Adam Spies, both senior managing directors with Eastdil Secured, represented the sellers.
Located between 44th and 45th Streets in the tony Plaza District, the 26-story tower includes about 480,000 square feet of office space and 55,000 square feet of retail. Nearby landmarks include the New York Public Library’s main branch, Bryant Park and the Grand Central rail hub.
The property would be Thor’s fourth along a 20-block stretch of Fifth Avenue between 44th Street and 65th Street. Its holdings in the Plaza District include at 590, 597 and 693 Fifth Ave., as well as 545 Madison Ave., a 140,000-square-foot office and retail building located at 55th Street.
Thor’s planned acquisition of 530 Fifth Ave. illustrates the rising values for institutional-caliber properties in Manhattan; the company is under contract to pay $200 million more than the asset commanded in 2012, when Rockwood, Jamestown, Murray Hill Properties and Crown Acquisitions acquired it from the Moinian Group and the Chetrit Group. Completed in 1957, 530 Fifth Ave. was designed by the architectural firm of Vorhees Walker Foley & Smith.
Since then, the Rockwood/Jamestown team has invested more than $10 million in renovations to the building’s lobby, mechanical and electrical systems, security and furnishings, according to yesterday’s statement.
The building’s roster of office tenants includes Cablevision, Massachusetts Mutual, Lionsgate and Diageo North America. Its occupancy rate was not disclosed in yesterday’s announcement, but the building’s website lists several available blocks of office space ranging in size from about 7,800 square feet to 34,400 square feet. Retailers located at at 530 Fifth Ave. include JPMorgan Chase, Fossil and Desigual.