June 14, 2016
New York-based Thor Equities sold 693 Fifth Ave. in NYC to French billionaire Marc Ladreit de Lacharrière’s investment fund management company, Fimalac, for $525 million. The 20-story, 105,422-square-foot tower in Manhattan’s Plaza District was built by Japanese retailer Takashimaya in 1993 as its flagship store and U.S. HQ.
The transaction price was driven by the asset’s prime location on one of the world’s top shopping streets, even though the site is just a two-tenths of an acre and offers 50 feet of retail frontage. The tower’s floor plates average 5,800 square feet and are occupied by retailers on the lower floors, with the upper floors taken by a mix of tenants.
CBRE’s Darcy Stacom and Marcella Fasulo represented the seller. Savitt Partners LLC’s Michael Dubin and Bob Conover represented the buyer and will stay on board to handle leasing.