Thor Equities JV buys stake in $595m Manhattan mixed-use property

Rockwood Capital, Jamestown, Murray Hill Properties and Crown Acquisitions have sold a partial interest in 530 Fifth Ave., a 26-story office and retail building in Manhattan, to a partnership of Thor Equities, RXR Realty and General Growth Properties.

The sellers retained a 51 percent stake, while the Thor Equities joint venture acquired a 49 percent interest for approximately $291.6 million. The deal, which values the building at $595 million, or $1,106 per square foot, is expected to close in mid-September. The sellers were represented by Eastdil Secured.

The mixed-used property occupies the entire western block of Fifth Avenue between 44th and 45th streets and contains approximately 480,000 square feet of prime office space and another 55,000 square feet of retail space. Current retail tenants include Desigual, JPMorgan Chase and Fossil. Office tenants include Massachusetts Mutual, Diageo North America, Cablevision, Lionsgate and Athyrium Capital.

Rockwood, Jamestown, Murray Hill and Crown Acquisitions originally purchased the property in early 2011. The sales price was $390 million. The firms invested more than $10 million to modernize the building’s infrastructure, including renovations to the building’s lobby, HVAC system, elevators and common areas. Highlights include a pronounced double height entrance, new limestone walls, iconic modernist furniture, new elevator cabs and state-of-the-art security systems.

Thor Equities has been an active investor in New York City real estate. In May, Thor Equities purchased the Gucci Building in Manhattan for approximately $485 million, or $4,205 per square foot. The seller was Gucci America. And with joint venture partner Rockwood, Thor Equities purchased 838 West End Ave. for $64.7 million. The sale was completed in May 2014.