Rockwood/Jamestown Led Partnership in Contract to Sell 530 Fifth Avenue for $595 Million
NEW YORK--(BUSINESS WIRE)--Rockwood Capital (“Rockwood”), Jamestown, Murray Hill Properties, and Crown Acquisitions announced today they have entered into a contract to sell 530 Fifth Avenue, a 26-story office and retail building occupying the entire western block of Fifth Avenue between 44th and 45th Streets, for $595 million. The buyer is a partnership led by Thor Equities. The deal is expected to close in mid-September.
“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.”
530 Fifth Avenue contains approximately 480,000 square feet of prime office space and another 55,000 square feet of retail space, fronting on Manhattan’s famed Fifth Avenue. Current retail tenants include Desigual, a Barcelona-based clothing retailer; JPMorgan Chase; and Fossil. Office tenants include Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital.
Rockwood, Jamestown, Murray Hill, and Crown originally purchased the property in early 2011. Since acquisition, the ownership team has invested over $10 million to modernize the building’s infrastructure, including renovations to the building’s lobby, HVAC system, elevators and common areas. Highlights include a pronounced double height entrance, new limestone walls, iconic modernist furniture, new elevator cabs and state-of-the-art security systems, which create a quality entrance in keeping with the building’s prime Fifth Avenue location.
Joe Gorin, Managing Director at Rockwood, 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.”
The selling group was represented by Eastdil.
About Rockwood Capital:
Rockwood Capital, LLC is a real estate investment firm that provides equity capital combined with real estate expertise for repositioning, recapitalization, development and redevelopment of retail, hotel, residential, office and research and development space in key markets throughout the United States. Since 1990, Rockwood and its principals have invested on behalf of their clients approximately $16.1 billion of real estate through nine value-add vehicles and four separate accounts. Today, Rockwood is an 81 person real estate investment firm with offices in New York, NY, San Francisco, CA, Los Angeles, CA, and Seoul, Korea and manages a portfolio of approximately $2.6 billion of net equity value in approximately $8.1 billion of gross real estate value. Rockwood’s investors include public and private pension funds, endowments, foundations, insurance companies, fund of funds, high net worth individuals and family offices. For more information, please visit www.rockwoodcap.com.
Jamestown was established in 1983 as an investment and management company focused on income-producing real estate in the United States. Over the last 31 years, Jamestown has expanded into a national, vertically integrated real estate operator with approximately $7.3 billion of assets under management. Jamestown’s capabilities include: acquisitions, capital markets, property management, asset management, retail leasing, design, sustainability and risk management. Jamestown employs more than 230 professionals in the United States, with headquarters in Atlanta, GA, and New York, NY and additional offices in Washington, DC, Boston, MA and San Francisco, CA. For more information, visit www.jamestownlp.com.
About Murray Hill Properties:
Murray Hill Properties LLC owns, manages and leases more than 6 million square feet of commercial office space in New York. Since MHP was founded, more than 40 years ago, MHP has purchased and sold more than 150 properties with an aggregate value in excess of $10 billion dollars. A full service company, MHP is vertically integrated, blending the skills of all departments, allowing them to work concurrently toward achieving the intended result. MHP has more than 85 real estate professionals and is located at 277 Park Avenue, New York, NY. For more information, visit www.murrayhill.com.
About Crown Acquisitions:
Crown Acquisitions Inc. is one of the largest private owners of retail and office property in North America, with a portfolio of ownership interests in 15 million square feet of assets. Since its founding in 1963 Crown has been recognized for its ability to maximize its assets by working with top retailers to redevelop and invigorate prime retail thoroughfares. Crown’s investments span major cities such as New York, Chicago, Toronto, Philadelphia, Boston and Miami, as well as other metropolitan markets, where its assets are situated in prime locations that feature excellent access. Crown Acquisitions also develops and redevelops properties on behalf of retailers throughout the tri-state region. The company’s portfolio includes 666 Fifth Avenue, 358-362 Fifth Ave, 1 West 34th St, World Trade Center, The Retail Condo at the St. Regis Hotel and 600 Broadway in New York; 645 North Michigan Avenue in Chicago, IL; Lexington Ave, Baltimore, MD and the Miami Merchant’s Mart in Miami, FL. www.cacq.com