717 Fifth Ave. Sale Closes

NEW YORK CITY-The anticipated $353-million sale of 717 Fifth Ave. closed with Equity Office taking the 380,796-sf tower’s office component for $160.5 million and a private retail investor group coming up with the rest to take the 84,000-sf ground-floor retail space and fourth-floor office space. The seller was HGA Capital and a fund sponsored by Walton Street Capital LLC.

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.