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150 Fifth Sells for $102M

NEW YORK CITY-In one of the largest per sf deals in the Flatiron district, Investcorp sells 150 Fifth for slightly more than $102 million. The site is the home of EMI Music, which has a long-term lease for 151,000 sf.

By Barbara Jarvie | Updated on September 21, 2003

NEW YORK CITY-Investcorp sold 150 Fifth Ave. for $102.5 million. A new partnership formed by L&L Acquisitions LLC, which has been Investcorp’s partner in the property since they purchased it in April 2002, and a German institutional fund, was the purchaser. CB Richard Ellis’s William Shanhan and Darcy Stacom represented the seller.

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.

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