Thor closes on Takashimaya for $142M

Joe Sitt and new rendering of Takashimaya building

Thor Equities announced today that it officially closed on a deal to purchase the Takashimaya building at 693 Fifth Avenue for $142 million. Thor also announced the start of
renovations
for the property. The building is currently a mix of retail and
commercial uses, but after the renovation, the first eight floors will
be transformed into 6,000 square feet of retail space, while floors
nine through 20
will keep their original design. The existing granite columned façade
will also be replaced with a more modern glass one. Construction is
expected to start in the fall, with completion slated for late spring
of 2011. Thor will be acting as its own leasing agent and, as part of
any deal, the new tenant will have the exclusive right to name the
building. TRD