Nightingale Properties to buy Coca-Cola building for $907m

Nightingale Properties has entered into a contract to acquire 711 Fifth Avenue, New York City, also known as the Coca-Cola building, for $907 million.

The seller is the soft drink maker, which has owned the building since 1983.

An official announcement has not been released.

The property sits at the corner of East 55th Street, totaling 354,000 square feet with office and retail space.

In Cushman & Wakefield 2018 annual Main Street Across the World report, Fifth Avenue claimed the second most expensive retail real estate rents in the world, with average rents of $2,250 per square foot per year. And the Manhattan office market posted the second-highest first quarter leasing total on record, with nearly 8.3 million square feet transacted through the first quarter of 2019.