150 Fifth is an 11-story, 191,000 sf office property with ground floor retail space located in the Flatiron district. The property underwent a comprehensive renovation in 2002-2003 in conjunction with a lease with EMI Music Inc. for the majority of the office space in the property. The renovation program completely modernized it into a first-class property with fully upgraded building systems. EMI spent $50 million retrofitting the property and currently occupies every floor, but one and the retail space, for a total of 150,000 sf. Digital Island, with 20,000 sf, is the other office tenant and there are four retail tenants including Lenscrafters and Sketchers.
According to L & L president and COO Robert Lapidus, this is one of the highest prices paid for a building in the Flatiron district. He and partners first purchased the site in September of 2000 for $37.5 million.
"150 Fifth Avenue's strong, long-term tenancy, desirable location and the market dynamics in Manhattan prompted ownership to market the asset for sale," commented John R. Fraser, an Investcorp managing director.
Shanhan noted that this property meets the individual needs of its main tenant. "There are two entrances and a rooftop garden." He said the property was put on the market this past spring and a lot of interest was shown in it."
150 Fifth bears a unique history. The 20th Street property was designed in 1888 by architects Edward Hale Kendall in the Romanesque Revival style and formerly built to suit the Methodist Book Concern. Over the past few years, the landmark was renovated inside and out under the supervision of L & L and Insignia/ESG, (now CB Richard Ellis).
150 Fifth Avenue represents Investcorp's twelfth sale in 2003 and brings the firm's total real estate realizations this year to a value in excess of $330 million. One of Investcorp's more recent New York area deals was the recent sale in Lake Grove of more than 250,000 sf Nobody Beats the Wiz Plaza in partnership with Crow Holdings of Dallas for $38.3 million.
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