The most expensive building sale in U.S. history, $1.8 billion for 666 Fifth Avenue, is a closed deal.
Cushman & Wakefield (CWK), which arranged the sale, released the news on Tuesday. (No matter that it closed on Jan. 12, according to city records–it’s a slow news day).
Kushner Companies is the new owner, Tishman Speyer (TSIB) the seller. (The Observer is owned by Jared Kushner of Kushner Companies.)
The full release after the jump.
– John Koblin
DONE DEAL: $1.8 BILLION SALE OF 666 FIFTH AVE. OFFICIALLY CLOSES
– Largest single-building sale in history
– Kushner Companies further strengthens its real estate portfolio in the New York metro region
NEW YORK, Jan. 30, 2007 – Cushman & Wakefield announced today the completion of the $1.8 billion sale of 666 Fifth Ave., which marks the largest single-building sale in history.
Kushner Companies acquired the 41-story, 1.55 million square foot Manhattan skyscraper, located between 52nd and 53rd Streets in the city’s Plaza District, from Tishman Speyer Properties. The acquisition further strengthens Kushner Companies’ real estate holdings in the New York metropolitan region. The company’s portfolio now encompasses more than six million square feet of office, industrial and retail space, including the Puck Building on Lafayette Street, and 25,000 multi-family housing units, primarily in the Northeast and Mid-Atlantic regions.
Cushman & Wakefield’s Arthur Mirante, president of Global Business Development, and Richard Baxter, Jon Caplan, Ron Cohen, Scott Latham, Karen Wiedenmann and Helen Hwang of Cushman & Wakefield’s New York Capital Markets Group, arranged the sale.
“We’re pleased to expand the Kushner portfolio in Manhattan with the addition of such a unique asset,” said Jared Kushner, principal. “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.”
In addition to the office component, 666 Fifth includes approximately 85,000 square feet of prime retail space with a full-block frontage on Fifth Avenue occupied by The NBA Store, Brooks Brothers and Hickey Freeman. The retail space commands some of the highest rents in the City.
Developed by Tishman Realty & Construction in 1957 and completed in 1958, 666 Fifth Avenue was renovated in 1998 and 2001. Tishman Speyer Properties and an investment group bought the building in 2000.
The building is one of the most-recognized class-A trophies in Manhattan’s skyline. Located just north of Rockefeller Center, it also includes the exclusive Grand Havana Room cigar club on its top floor and a valet parking garage for 90 cars. The prestigious tenant roster is anchored by several major financial institutions and law firms, including CitiGroup and Orrick Herrington.
