RFR Realty has agreed to pay $350 million for the 550,000-square-foot-office property at 522 Fifth Ave. in Manhattan, reported Crain’s New York Business.
The seller was Morgan Stanley.
For the second consecutive year, leasing activity broke records, according to Newmark Knight Frank in its fourth quarter 2019 report. Velocity finished the year at 48.9 million square feet, 15.7 percent above 2018’s total of 42.3 million square feet and 21.9 percent above the five-year annual average. The massive increase in activity can be attributed to a flurry of TAMI tenants moving to the Far West Side, led by Facebook, Amazon and Dentsu.
