Keith Braddish, of LJ Melody & Co.'s New York City office, arranged the financing for the 646,350-sf class A property located at 500 Fifth Ave. LJ Melody is the financing arm of CB Richard Ellis. New York Life Insurance Co. provided the funding on behalf of the borrower, a private client advised by L&B Realty Advisors of Dallas.
Tenants such as WW Norton, Organization Resources, Royal Abstract Co., Nat Sherman, and the 500 Fifth Ave. Watch Co. occupy the 95% leased property, which was designed by Shreve, Lamb & Harmon, the architects of the Empire State Building. The 60-story Salmon Tower, built as the Empire State Building's immediate precursor, shares the same recessed tower façade theme. Available space is advertised from $42 per sf to $52 per sf. Retail space ranges from $180 per sf to $250 per sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
