"We're pleased to expand the Kushner portfolio in Manhattan with the addition of such a unique asset," says principal Jared Kushner, in a statement. "We are very bullish on New York real estate, and we are confident that 666 Fifth has great upside potential. We identified a premier building with the highest quality office configuration and one of the best retail boxes in the world."
The sale factors out to about $1,200 per sf , which is double the previous record set in May 2005 when Tishman Speyer bought the MetLife Building for $1.72 billion.
News of the deal was first reported by GlobeSt.com in December. At the time neither side would comment on the deal.
CitiGroup and Orrick Herrington lease office space within 666 Fifth Ave. The building, while primarily office, contains 85,000 sf of retail space along Fifth Avenue. The NBA Store, Brooks Brothers and Hickey Freeman lease space there. There is also a 90-car garage. The Kushner Cos. now owns more than six million sf of commercial space.
The sale was arranged by Cushman & Wakefield's Arthur Mirante, Richard Baxter, Jon Caplan, Ron Cohen, Scott Latham, Karen Wiedenmann and Helen Hwang.
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