May 31, 2019
Rudder Property Group (RPG), which specializes in the sale of office condominiums, has brokered the sale of two condos at Witkoff’s 420 Fifth Ave. totaling $52.4 million. RPG’s Michael Rudder and Mike Heller represented Witkoff in both deals.
In the first deal, Ziff Brothers Investments bought the entire 33,058-square-foot fifth floor for $27.3 million, moving to an ownership model after leasing at several locations. CBRE’s Brian Gell represented Ziff Brothers.
“Tenants who lease are less apt to build out customized spaces when they don’t own,” said Rudder. “The purchase of a full floor at 420 Fifth will allow the company to create a truly unique space that reflects their brand and corporate identity.”
In the second transaction, Mediterranean Shipping Co. bought 420 Fifth’s fourth floor, also 33,058 square feet, for $25.1 million. Cushman & Wakefield’s Diego Rodinó di Miglione represented the shipping company, which already owns two floors there.
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