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Done Deal: $1.8 Billion Sale of 666 Fifth Ave. Officially Closes
30 Jan, 2007, New York
-Largest single-building sale in history
- Kushner Companies further strengthens its real estate portfolio in the New York metro region
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.
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About Kushner Companies
Kushner Companies is a diversified private real estate organization involved in the ownership, development, redevelopment and management of single and multifamily housing, commercial, retail, industrial and hotel properties throughout the Northeast and Mid-Atlantic regions. The company manages and grows its residential and commercial portfolios through its corporate offices and operating divisions. These include Westminster Management LLC, the residential management arm; Westminster Communities LLC, the construction division; Kushner Properties, the commercial leasing and management division; Westminster Hospitality, the hotel division; Westminster Capital Corp., which coordinates financing for the firm; and various acquisition and land development teams.
About Cushman & Wakefield
Cushman & Wakefield is the world’s preeminent commercial real estate services firm. Founded in 1917, the firm has 197 offices in 55 countries, and more than 11,000 professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease and manage assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, visit www.cushmanwakefield.com.
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