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

TRD 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
42-50 24th Street and (from left) Arnold, Kenneth, Steven and Winston Fisher (Credit: Google Maps)

Fisher Bros. wants to bring a 240-unit mixed-use project to LIC

65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone looks to sell Park Ave Tower for more than $800M

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

Rudy Giuliani and wife list Palm Beach condo amid nasty divorce

From left: Wells Fargo CEO Timothy Sloan, Eastdil Secured CEO Roy March, Temasek CEO Ho Ching and Guggenheim president Jerry Miller (Credit: Getty Images)

Eastdil finalizes buyout deal with Guggenheim, Singaporean investment firm

Doug Harmon (Credit: Cushman & Wakefield)

How it happened: Doug Harmon and Leona Helmsley

Tishman Speyer puts tower next to Chrysler Building up for sale

Tishman Speyer puts tower next to Chrysler Building up for sale

Guggenheim and Singapore fund make move to buy Eastdil: report

Guggenheim and Singapore fund make move to buy Eastdil: report

arrow_forward_ios