October 13, 2017
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.
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