Shorenstein Cries Foul over NY Post's 717 5th Ave. Story

NEW YORK CITY-San Francisco-based Shorenstein Co.’s C-Suite is seeing red over a published report regarding Walton Street Capital LLC’s acquisition of 717 Fifth Ave., first reported on GlobeSt.com in August.

Chicago-based investors Walton Street beat out a crowded field of bidders with its reported $266-million bid, subsequently hiring Cushman & Wakefield to handle leasing and management duties at the 450,000-sf property. But Shorenstein officials vehemently deny a local newspaper’s allegations that Shorenstein bid on the building. Furthermore, the firm denies that it lost its leasing and management contract for the property, as the story indicates, saying it resigned the assignment prior to Yale University Investments’ sale of the asset.

In a statement released exclusively to GlobeSt.com yesterday afternoon, Shorenstein officials said, “A report in the NY Post Tuesday (10.29.02) suggested that Shorenstein Company had attempted to purchase 717 Fifth Avenue and also had competed to retain leasing and management services for the building. Both of these suggestions are inaccurate.