The owners of 530 Fifth Ave. have closed on the $595 million sale of the building to a partnership of Thor Equities, RXR Realty and General Growth Properties, sources told Crain’s.
The 500,000-square-foot building was sold by a partnership between Rockwood Capital, Jamestown, Murray Hill Properties and Crown Acquisitions that purchased the building in 2011 for a reported $390 million. The partnership was represented by Douglas Harmon and Adam Spies of Eastdil Secured, who originally marketed Rockwood’s share of the building before eventually selling the whole thing.
Eastdil had also represented the previous sellers in the 2011 transaction.
The 26-story building runs for a full block along Fifth Avenue from West 44th to West 45th streets. The property was built in 1957.
The RXR platform manages 71 commercial real estate properties and investments with an aggregate gross asset value of approximately $20.5 billion, comprising approximately 31.4 million square feet of commercial properties, inclusive of approximately 6.0 million square feet of buildings securing debt and preferred equity investments, a multi-family residential portfolio of approximately 2,500 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area as of June 30, 2019. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.