{"id":1004106121,"date":"2014-10-24T06:01:10","date_gmt":"2014-10-24T14:01:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004106121"},"modified":"2022-12-09T00:00:15","modified_gmt":"2022-12-09T08:00:15","slug":"thor-equities-jv-buys-manhattans-530-fifth-ave","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/thor-equities-jv-buys-manhattans-530-fifth-ave\/","title":{"rendered":"Thor Equities JV Buys Manhattan\u2019s 530 Fifth Ave."},"content":{"rendered":"<p><i>By Gail Kalinoski, Contributing Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/530-Fifth-Avenue.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004106122\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/thor-equities-jv-buys-manhattans-530-fifth-ave\/530-fifth-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/530-Fifth-Avenue.jpg\" data-orig-size=\"197,300\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"530-Fifth-Avenue\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/530-Fifth-Avenue.jpg?w=197\" class=\"alignright size-full wp-image-1004106122\" alt=\"530-Fifth-Avenue\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/530-Fifth-Avenue.jpg\" width=\"197\" height=\"300\" \/><\/a><\/p>\n<p>Thor Equities continues building up its presence on Manhattan\u2019s famed Fifth Avenue, closing on the purchase of 530 Fifth Ave., a 26-story office and retail building, for $595 million. It is the firm\u2019s 12th asset on Fifth Avenue stretching from 20<sup>th<\/sup> Street north to the tony Plaza District at 55<sup>th<\/sup> Street.<\/p>\n<p>General Growth Properties and RXR Realty joined Thor on the acquisition purchase from a partnership of Rockwood Capital, Jamestown, Crown Acquisitions and Murray Hill Properties. <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/northeast\/thor-equities-adds-to-manhattan-footprint-with-590m-deal-for-530-fifth-ave\/1004098796.html\">The Rockwood Capital and Jamestown partnership, which announced the pending sale in June,<\/a> acquired the building that occupies the entire western block between 44<sup>th<\/sup> and 45<sup>th<\/sup> streets in early 2012 for $390 million and invested more than $10 million to modernize the building\u2019s infrastructure. Renovations included upgrades to the lobby, HVAC system, elevators and common areas.<\/p>\n<p>\u201cThe sale of 530 Fifth Avenue demonstrates the strength of the capital market for high-quality assets in great locations,\u201d Tyson Skillings, a managing partner at Rockwood, said in a release. \u201cWe 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.\u201d<\/p>\n<p>The sale was \u201cconsistent with Rockwood\u2019s overall strategy of targeting investments in unique, walkable environments in urban and \u2018urban\/suburban\/ submarkets that feature a vibrant mix of land uses and access to transit,\u201d according to the release.<\/p>\n<p>Already featured on its website, Thor cites 530 Fifth Ave.\u2019s \u201cunparalleled location\u201d along the \u201cmost prestigious shopping corridor in the world.\u201d The property has more than 56,000 square feet of retail space and 200 feet of frontage on Fifth Avenue.<\/p>\n<p>Thor, a leading urban real estate development, leasing and management firm that has a $5 billion portfolio with more than 15 million square feet, states that the building, \u201cis suited perfectly for retailers looking for spacious layouts, prime location and amazing visibility.\u201d Current retail tenants include JPMorgan Chase, Fossil and Desigual.<\/p>\n<p>The Desigual lease for 10,450 square feet was cited as the 6<sup>th<\/sup> top transaction in the Manhattan retail market for the second quarter, according to Cushman &amp; Wakefield\u2019s MarketBeat Retail Snapshot Q2 2014 report. The asking rents for Lower Fifth Avenue between 42<sup>nd<\/sup> and 49<sup>th<\/sup> streets were $1,063 per square foot for the second quarter compared to $540 per square foot five years ago. Cushman &amp; Wakefield noted that Upper Fifth Avenue, <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/northeast\/thor-equities-closes-on-manhattans-685-fifth-ave\/1004099639.html\">where Thor Equities bought 685 Fifth Ave. this summer,<\/a> commands the highest retail rent in Manhattan with asking rents of $2,749 per square feet as of second quarter.<\/p>\n<p>The property at 530 Fifth Ave. also has about 480,000 square feet of office space located in a prime Midtown area near Bryant Park and Grand Central Terminal. Cablevision, Massachusetts Mutual, Lionsgate and Diageo North America are among the building\u2019s office tenants. Cushman &amp; Wakefield\u2019s MarketBeat Office Snapshot for Q3 2014 stated average asking rates rose in Midtown, finishing the quarter at $73.72 per square, up nearly 8 percent from the same quarter in 2013. The report described Midtown office leasing as \u201crobust,\u201d but did note that the overall vacancy rate has been between 11 percent and 11.5 percent for more than a year.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thor Equities continues building up its presence on Manhattan\u2019s famed Fifth Avenue, closing on the purchase of 530 Fifth Ave., a 26-story office and retail building, for $595 million.<\/p>\n","protected":false},"author":1068,"featured_media":1004106122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,11,21742,10,21747,21749],"tags":[],"class_list":["post-1004106121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-midatlantic","category-latest","category-northeast","category-office","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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