A partnership of Jeff Sutton and Aurora Capital has entered into a 99-year triple net lease of 511 Fifth Avenue.
The lease for the 160,000 s/f, Class-A building is worth around $250 million, according to the New York Post.
The 17-story property presently serves as the New York headquarters for Israel Discount Bank (IDB), which occupies the entire premises.
It has some 20,000 s/f of retail space on the southeast corner of 43rd Street in Midtown Manhattan.
Cushman & Wakefield represented the building’s owner, a group of family trusts, which received several competitive proposals for the net lease at the property.
Sutton and Aurora Capital will operate the property during the 99-year net lease term. In addition, they will undertake renovations and assume responsibility for leasing.
The transaction was led by a team of Cushman & Wakefield professionals that included Bruce Mosler, David A. Green, Louis Wolfowitz, Peyton Horn, Josh Kuriloff and Nat Rockett (now with Marcus & Millichap).
“We sent a cogent message to the investment community that this transaction offered a unique opportunity to obtain long-term control of a truly superior Midtown Manhattan asset,” said Mosler, chairman, Global Brokerage for Cushman & Wakefield.
Raymond Sanseverino and Richard Nardi of Loeb & Loeb LLP provided legal representation for the owners, and Chris Smith and Lisa Brill of Shearman & Sterling represented the lessee