Thor keeps on buying with Madison Avenue office tower

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 DriveAnd 125 Riverside Drive for more than $80 million. [Crain’s] — Julie Strickland