NEW YORK CITY—A partnership of General Growth Properties and Jeffrey Sutton's Wharton Properties has made a pre-emptive strike on a planned auction of the Crown Building at 730 Fifth Ave., published reports say. Bloomberg reported Friday that the partnership would pay $1.75 billion for the property, largely on the strength of its retail space. The acquisition is believed to set a world record for a single office building at $4,490 per square foot.

The New York Post reported Thursday that the 390,000-square-foot trophy at the corner of 57th Street and Fifth garnered worldwide interest after Eastdil Secured's Doug Harmon and Adam Spies began marketing it earlier this month. However, GGP and Sutton moved quickly to acquire the property from the Spitzer and Winter families.

Although primarily an office property, it's the approximately 50,000 square feet of retail space along the world's most expensive shopping corridor that gives the Crown Building its appeal. Its retail tenants include jewelers Bulgari SpA and K. Mikimoto & Co.; its neighbors include Tiffany & Co., Louis Vuitton and Bergdorf Goodman.