NEW YORK CITY—GlobeSt.com has confirmed reports that RFR Realty has sold 757 Third Ave., a 27-story office building—to Canadian real estate giant Bentall Kennedy for approximately $360 million.
Initially reported in the Wall Street Journal, the deal was done by Eastdil Secured's Douglas Harmon, Adam Spies and Kevin Donner. Harmon declined to comment.
Sources close to the deal confirm to GlobeSt.com that CVS Health rents roughly 12,000 square feet in the building and tax firm Grant Thornton rents approximately 137,000 square feet there under a lease signed last year.
RFR bought the property, at Third avenue and East 47th street, for $103 million from Emmes & Co. in 1999, the Journal reports. RFR has invested more than $20 million in renovations over the last year and it put the property up for sale in December.
The investment signals that demand for Manhattan real estate among foreign investors is strong, the newspaper notes. The Toronto-based firm manages $32.4 billion in properties for roughly 500 institutions around the globe.
Commenting on other recent acquisitions in Manhattan by foreign investment firms, Avison Young principal Greg Kraut tells GlobeSt.com sister publication Real Estate Forum, “You're seeing people not from New York coming in, and that's always a sign that the city is being perceived as a safe haven.”
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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.
