The Real Deal New York

Thor keeps on buying with Madison Avenue office tower

December 20, 2013 05:30PM

From left: Thor's Joseph Sitt and 545 Madison Avenue

From left: Thor’s Joseph Sitt and 545 Madison Avenue

Thor Equities has closed on the leasehold for 545 Madison Avenue, an office and retail tower between East 53rd and East 54th streets.

LCOR, a national investment, management and development company that previously held the building’s leasehold, was quietly shopping for a buyer since earlier this year, as The Real Deal reported. LCOR acquired the ground lease to the property from Marx Realty & Improvement Company in 2006, and the land lease is valid through 2081.

The 18-story, 138,000-square-foot property recently underwent a $100 million redevelopment and is 93.3 percent leased at present, Thor said. The revamped tower features a double-height lobby, floor-to-ceiling glass windows, nine-foot ceilings, state-of-the-art elevators and mechanical systems, according to a release from Thor.

The company paid $60 million, Crain’s reported in July.

The buy is the latest in a flurry of activity for Thor, which nabbed its first Noho retail site at 30 Bond Street for $3 million today and the Grace’s Marketplace site at 1231 Third Avenue for $52.5 million just last month. The firm, which launched a new residential division in November, is also in contract to purchase two Upper West Side apartment buildings at 120 Riverside Drive and 125 Riverside Drive for more than $80 million. [Crain's]Julie Strickland

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