NEW YORK CITY– A partnership of Rockwood Capital, Jamestown, Crown Acquisitions and Murray Hill Properties has sold 530 Fifth Ave. to a partnership led by Thor Equities for $595 million. The 26-story office and retail building occupies the entire western block of Fifth Avenue between 44th and 45th Streets.
Rockwood, Jamestown, Murray Hill, and Crown originally purchased the property in early 2012 for $390 million. Since that time the ownership team has invested more than $10 million to modernize the building's infrastructure, including renovations to the building's lobby, HVAC system, elevators and common areas. The building features approximately 480,000 square feet of office space and another 55,000 square feet of retail space, fronting on Fifth Avenue.
Rockwood declined a GlobeSt.com request for comment. A Thor spokesman did not respond to a request for comment by press time.
Says Tyson Skillings, a managing partner at Rockwood, “The sale of 530 Fifth Avenue demonstrates the strength of the capital market for high quality assets in great locations. We are pleased with the successful execution of this investment. Of late we have been harvesting where our value-add plans are complete while looking for investment opportunities in which Rockwood can add value and outperform over the long term.”
This investment is consistent with Rockwood's overall strategy of targeting investments in unique, walkable environments in urban and urban/suburban submarkets that feature a vibrant mix of land uses and access to transit, the company says in an announcement of the deal.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
