This transaction adds more space to Equity Office's growing Midtown collection. The firm already owns six other buildings--nearly five million sf of space--in this submarket. Nationwide, Equity Office has a 690-building portfolio comprising 124.5 million sf.

"This allows us to leverage operating and leasing synergies with our other buildings in the Midtown submarket," says Jeffrey Johnson, Equity's chief investment officer. "This building is recognized locally as a highly desirable asset in the heart of Midtown's Plaza District," adds Don Huffner, acting senior vice president of Equity Office's New York Region. Office tenants at 717 Fifth include Merrill Lynch and Island Capital. The office tower is currently 70.6% occupied. Hugo Boss and Escada are among the retail tenants.