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EXCLUSIVE: Moinian Takes Zeus Portfolio for $270M

NEW YORK CITY-The Moinian Group takes title to approximately 600,000 sf of office and retail space along Fifth Avenue in Midtown for approximately $270 million. The developer now controls an entire block between 43rd and 44th streets.

By Barbara Jarvie | Updated on March 08, 2006

NEW YORK CITY-The Moinian Group has acquired nearly 600,000 sf of office and retail space at 509, 535 and 545 Fifth Ave. for an aggregate price of $270 million. The three pre-war buildings, which are known as the Zeus portfolio, were purchased from institutional owners Emmes and Apollo.

“This stretch of Fifth Avenue has never been more attractive to both office tenants and high-end retailers, and our investment in this entire block insures the continued enhancement of these outstanding properties,” says Joseph Moinian, CEO of the Moinian Group. Because the firm already owns 530 Fifth Ave. directly across the street, it now can lay claim to the entire block front of Fifth Avenue between 43rd and 44th streets. The portfolio is located right next to Grand Central Station and steps from Bryant Park.

The interconnected buildings at 535 and 545 Fifth Ave. occupy a full block front and are 90% leased. Tenants include Ascent Media, the International Federation of Accountants, the Switzer Group and Ask Jeeves.com. On the retail front there’s Barami, Cohen’s Fashion Optical, Cinema Café, Michael C. Fina and Starbucks. The three buildings have recently undergone $42 million in capital improvements. Moinian plans to further enhance them for commercial office and retail use. Currently, there are a limited number of full-floor opportunities, primarily at the 36-story property at 535 Fifth Ave., company officials say.

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