RFR announced it has closed on 522 Fifth Avenue in a $350 million transaction.
The 23-story office tower is located at 44th Street among New York City’s key transportation hubs Grand Central Terminal and Port Authority, business districts, amenities and neighboring Bryant Park.
RFR said it plans to market the building’s 575,000 s/f office space to a single-tenant user and will deliver a finish space in March 2024.
RFR’s founder and CEO, Aby Rosen, will personally lead the leasing effort, in tandem with RFR’s in-house leasing team headed by Executive Vice President AJ Camhi. Rosen will collaborate with prospective tenants to best utilize the space as RFR repositions the asset to accommodate the requirements of a future tenant.
“We acquired 522 Fifth Avenue with the vision of working with a single user to create a custom, marquis headquarters in the premier midtown location,” Rosen said.
“The unrivaled 575,000 s/f vacancy is a remarkable blank canvas, well-positioned to respond to the requirements of a forward-thinking company looking for the prestige and exclusivity of a full building and New York City presence.”
Rosen said RFR is committed to applying its design approach to help formulate and achieve a company’s specific aspirations. Previously entirely occupied as Morgan Stanley’s wealth management headquarters, he said the property has excellent physical infrastructure and many floors of large outdoor terraces that will be fully activated in combination with new interior air quality solutions.
“Companies are focused on controlling their environments and making sure their employees have the space, amenities and systems to be productive, safe and healthy. This headquarters opportunity will deliver on those goals and open up a universe of branding possibilities,” Camhi said.
“Having Aby Rosen contribute his imagination and aesthetic to this project ensures that the result will be exciting, exacting and renewing – for the end user and the City.”
Morgan Stanley acquired the 23-story building for $468 million in 2007. The two-story retail component was later sold to Ashkenazy Acquisition + DekaBank + GGP for $165 million.