Aby Rosen’s RFR Realty is selling a 27-story office building at 757 Third Avenue to Canadian real estate giant Bentall Kennedy for $360 million.
RFR bought the property, at Third Avenue and East 47th Street, for $103 million from Emmes & Co. in 1999, according to the Wall Street Journal. Rosen, who put the property up for sale in December, has invested more than $20 million on renovations over the last year. Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner marketed the building.
CVS Health rents roughly 12,000 square feet in the building and tax firm Grant Thornton inked a lease for roughly 137,000 square feet last year.
The investment signals that demand for Manhattan real estate among foreign investors is strong, the newspaper reported. The Toronto-based firm manages $32.4 billion in properties for roughly 500 institutions around the globe.