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Tishman Speyer Breaks Another Record

NEW YORK CITY-Tishman Speyer's sale of the class A office building, 666 Fifth Ave., comes just months after the company agreed to purchase Stuyvesant Town Peter Cooper Village for $5.4 billion

By Katie Hinderer | Updated on December 07, 2006

NEW YORK CITY-The Kushner Cos. has paid a record-breaking $1.8 billion for the class A office building at 666 Fifth Ave., according to published reports this morning. Tishman Speyer Properties LP, the building’s owner agreed to the sale that will give the company $1,200 per sf. The building totals 1.5 million sf.

666 Fifth Ave. was built in 1957 and underwent a major renovation project from 1998 to 2001, according to Tishman Speyer’s website. While mostly an office property, there is 84,855 sf of retail space in the building.

Tishman Speyer owns several other office buildings in Midtown, including 11 West 42 St., 300 Park Ave., 520 Madison Ave., Rockefeller Center, and the Lipstick Building. The company also purchased the MetLife Building for $1.72 million in May 2005. At the time, the sale was the largest single-building acquisition in the US, selling for $600 per sf.

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