A partnership among Rockwood Capital, Jamestown, Crown Acquisitions and Murray Hill Properties announced the closing of the sale of 530 Fifth Avenue in New York to a partnership led by Thor Equities. The sale price was $595 million. The 26-story office and retail building occupies the entire western block of Fifth Avenue between 44th and 45th Streets.
Rockwood, Jamestown, Murray Hill, and Crown originally purchased the property in early 2012 for $390 million. Since acquisition, the ownership team has invested more than $10 million to modernize the building’s infrastructure, including renovations to the building’s lobby, HVAC system, elevators and common areas. The building 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.
Tyson Skillings, a Managing Partner at Rockwood, said, “The sale of 530 Fifth Avenue demonstrates the strength of the capital market for high quality assets in great locations. We are pleased with the successful execution of this investment. Of late we have been harvesting where our value-add plans are complete while looking for investment opportunities in which Rockwood can add value and outperform over the long term.”
