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261 Fifth Ave. Trades for $114M

NEW YORK CITY-Midtown's popularity is proving itself once again as 261 Fifth Ave. sells for $114 million. Newport Beach, CA-based KBS Realty Advisors sold the property it picked up four years ago and refurbished.

By Barbara Jarvie | Updated on February 15, 2004

NEW YORK CITY-The deals keep on coming here. The 426,500-sf 261 Fifth Ave. trades for a gross sales price of $114 million to 261 Fifth Ave. LLC, a partnership of the Carlyle Group and L & L Acquisitions. The Midtown art deco landmark built in 1928 was acquired by KBS Realty Advisors as part of a package deal with 245 Fifth Ave. four years ago. Since that time the 26-story tower has undergone a significant renovation program including a refurbishment of the elevators, lobby and common areas in addition to upgraded technical capabilities such as broadband Internet access.

“During our hold period we added significant value to the property by upgrading the physical character of the building, both interior and exterior, through a $3.5-million capital improvement program,” says KBS SVP Charlie Valentino.

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