Rockpoint to take a half-stake in two Fisher Brothers’ Midtown office towers for $550M

New York /
Jul.July 17, 2013 09:30 AM

Real estate private equity firm Rockpoint Group is in a hard contract to take a 49.5 percent stake in two Fisher Brothers’ office towers in Midtown for $550 million, the New York Post reported.

As part of the deal, Rockpoint will also assume $1 billion in debt for the two properties — the 1.9 million-square-foot 1345 Avenue of the Americas and the 1.1 million-square-foot 605 Third Avenue –bringing the price to $650 per square foot, according to the Post.

The deal was brokered by Eastdil Secured’s Adam Spies and Doug Harmon, and attracted worldwide interest. But Rockpoint was able to leverage their existing relationship with the Fishers on 299 Park Avenue and Park Avenue Plaza in order to close, according to the Post.

The tower at 1345 Avenue of the Americas includes the Ziegfeld Theather, while the tower at 605 Third Avenue comes with a six-story garage that is ripe for residential development. The Fishers will likely increase their equity interest in the site and build a slender residential tower of about 250,000 square feet, sources told the Post. [NYP, 1st item]  – Hiten Samtani


Related Articles

arrow_forward_ios
Equitable CEO Mark Pearson and Fisher Brothers’ CEO Ken Fisher with 1345 Avenue of the Americas (Google Maps)
Equitable Life Insurance inks 130K sf lease for new office
Equitable Life Insurance inks 130K sf lease for new office
Fisher Brothers partner Kenneth Fisher and 605 Third Avenue (Photos via Getty, Fisher Brothers/Illustration by Kevin Rebong for The Real Deal)
What tenants pay Fisher Brothers & JPMorgan at 605 Third Avenue
What tenants pay Fisher Brothers & JPMorgan at 605 Third Avenue
Widow of Eastdil’s founder buys waterfront Miami Beach spec home
Widow of Eastdil’s founder buys waterfront Miami Beach spec home
Widow of Eastdil’s founder buys waterfront Miami Beach spec home
Drew Isaacson, who worked on a $447M sale at The Olivia, will move from a senior vice president role at SL Green to a senior vice president at role at Eastdil. (Google Maps, LinkedIn via Drew Isaacson)
Eastdil picks up acquisitions pro from SL Green
Eastdil picks up acquisitions pro from SL Green
Photo illustration of Benjamin Lambert (iStock; Getty/Illustration by Kevin Rebong for The Real Deal)
Ben Lambert’s legacy: Eastdil founder brought Wall Street to real estate
Ben Lambert’s legacy: Eastdil founder brought Wall Street to real estate
Eastdil Secured’s Ben Lambert (Getty)
Eastdil Secured founder Ben Lambert dies
Eastdil Secured founder Ben Lambert dies
Ken Fisher of Fisher Brothers and 605 Third Avenue (Fisher Brothers)
JPMorgan, Fisher Bros. land $400M refi on 605 Third
JPMorgan, Fisher Bros. land $400M refi on 605 Third
JPM asset CEO Mary Callahan Erdoes and 605 Third Avenue (Getty; Google Maps)
JPMorgan eyes $600M valuation for Third Ave office tower
JPMorgan eyes $600M valuation for Third Ave office tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...