Transactions - AUGUST 23, 2019

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Coca-Cola fetches $907m in sale of iconic Fifth Avenue building

by Kali Persall

The Coca-Cola Company has sold its iconic building in Manhattan to a partnership between Nightingale Properties and Wafra Capital Partners in a $907 million deal, the company announced Aug. 23.

According to the Commercial Observer, the buyers secured a $700 million six-month bridge loan from JPMorgan in the process.

The building, located at 711 Fifth Ave. in New York City, stands 17 stories high and features 354,000 square feet of office and retail space. Several media outlets reported the companies had entered into a contract to buy the space in May, and were engaged in advanced talks by April.

Designed in 1927, the building formerly housed NBC’s headquarters until 1933, whereupon the network moved to Rockefeller Center and Columbia Pictures moved in. In 1983, Coca-Cola acquired the asset when it bought Columbia Pictures.

Coca-Cola put the historic building on the market last year.

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