October 10, 2019
GLL Real Estate Partners, part of Macquarie Infrastructure and Real Assets, entered into a 99-year ground lease at 589 Fifth Ave. The property is an 184,000-square-foot mixed-use building that includes a 57,000-square-foot H&M store on the first five floors.
Terms of the deal weren’t disclosed. However, GLL said the 589 Fifth ground lease exceeded the firm’s previous transaction in Manhattan, the $110-million acquisition of a full-block retail condominium on the Upper East Side in 2018.
“We have actively been investing in New York City’s real estate market since 2010, acquiring commercial assets in prime locations,” said EVP Christian Goebel of GLL. “Acting on behalf of a group of German institutional investors, 589 Fifth Ave. constitutes our largest NYC transaction to date.”
“We continue to seek value creating opportunities for our client base, adding unique investment opportunities to our portfolio and growing our assets under management,” he added.
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