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Commercial
New York

Thor, GGP want $500M for 685 Fifth

Gulaylar Group backed out of deal to buy office portion

From left: 685 Fifth Avenue, Joseph Sitt and Sandeep Mathrani
From left: 685 Fifth Avenue, Joseph Sitt and Sandeep Mathrani

Thor Equities and General Growth Properties put their office-and-retail building at 685 Fifth Avenue on the market for $500 million.

GGP was initially looking to sell its 50 percent stake, and now Thor apparently decided to throw its stake on the market as well. Thor bought the 20-story, 140,000-square-foot property from Gucci in 2014 for $460 million and brought on GGP later on.

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Last year the landlords signed Coach to a retail lease for around $4,000 per square foot at the tower, but dished out a hefty concession package to achieve that number, according to sources.

Gulaylar Group signed a contract to buy the building’s office portion for $150 million, but later backed out and sued to get its deposit back. [Crain’s] — Konrad Putzier

Tags
Commercial Real EstateGeneral Growth PropertiesThor Equities