The Real Deal New York

Canucks buy Aby Rosen’s 757 Third Ave for $360M

RFR Realty bought the tower in 1999 for $103 million
March 09, 2015 08:30AM

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.

Rosen most recently bought a much-coveted building on the corner of Spring Street and the Bowery for $55 million. [WSJ, 1st] — Claire Moses