October 13, 2017 Comments Off on Midtown Manhattan Building Trades for $468M Views: 887 National News, New York News, Northeast

Midtown Manhattan Building Trades for $468M

TH Real Estate closed the $467.5-million sale of 685 Third Avenue, a 651,492-square-foot, office building with ground-level retail in Midtown Manhattan to Japanese investor, UNIZO Holdings Company, Limited. TH Real Estate had acquired the 31-story office building as a value-add investment in July 2010 from Pfizer for $190 million, when it was nearly vacant.

TH Real Estate subsequently developed an ambitious asset management plan and sold a 49.99% interest to Future Fund, Australia’s sovereign wealth fund.

The complete repositioning of the building included renovations to the building’s lobby, an improved pocket park, and the addition of fast-casual eateries. The follow-on office leasing program has brought overall occupancy level to 93%, and ultimately attracted a wide array of tenants including Salesforce, Tribune, and Crain’s.

This is UNIZO’s sixth New York City purchase. CBRE’s Bill Shanahan and Darcy Stacom represented TH Real Estate in this transaction.

Connect With TH Real Estate’s Giacomo Barbieri

Connect With UNIZO Holdings

Connect With CBRE’s Shanahan

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