RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ

Aby Rosen’s firm bought retail portion of office building

New York /
May.May 12, 2021 03:10 PM
Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)

Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)

Aby Rosen is betting big on Manhattan’s office market.

Rosen’s RFR Holding is in contract to buy the retail portion of 522 Fifth Avenue, Commercial Observer reported. That follows its acquisition last fall of the office portion of the property from Morgan Stanley. Rosen told the publication that RFR is planning to offer the building as a “build-to-suit” headquarters for one company.

“You need a fresh space to start the new ‘story’ after the pandemic, and all the companies are rewriting their spaces in their own way,” he told the outlet.

The ground- and second-floor retail space of the building was previously owned by a joint venture that included Ashkenazy Acquisition Corporation and Deka Immobilien. Ashkenazy reportedly left the joint venture last year, and Rosen is buying the retail portion from Deka for an undisclosed amount. Ashkenazy declined to comment to the outlet.

Morgan Stanley still occupies office floors on a master lease, but the bank could be moving out sooner than the lease’s expiration in August 2025, Rosen said.

Meanwhile, Rosen has already started marketing the building as a 612,000-square-foot corporate headquarters, with plans that include a new lobby along 44th Street and outdoor spaces on three of the building’s L-shaped setbacks. The 38,000-square-foot retail space could be turned into the office tenant’s amenities or as a way for a tenant to display its own wares, Rosen said.

“It’s nice to have the capability on the ground floor and have food and creative uses — it becomes an integrated playground with amenities,” he said. “You can create a wonderland of energy and leisure.”

[CO] — Akiko Matsuda





    Related Articles

    arrow_forward_ios
    With major financial choices to make, Newmark receives $850M infusion
    With major financial choices to make, Newmark receives $850M infusion
    With major financial choices to make, Newmark receives $850M infusion
    NYC’s office sublease surge slows as tenants move to reoccupy space
    NYC’s office sublease surge slows as tenants move to reoccupy space
    NYC’s office sublease surge slows as tenants move to reoccupy space
    The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
    Electra America JV nabs Roger hotel for $71M discount
    Electra America JV nabs Roger hotel for $71M discount
    Oceanwide’s US business is sinking. Can it right the ship?
    Oceanwide’s US business is sinking. Can it right the ship?
    Oceanwide’s US business is sinking. Can it right the ship?
    Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
    Sedesco seeks rezoning for new Billionaires’ Row skyscraper
    Sedesco seeks rezoning for new Billionaires’ Row skyscraper
    From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
    Alvin Dworman Sells 3 Manhattan Buildings for $65M
    Alvin Dworman Sells 3 Manhattan Buildings for $65M
    Anita Durst and images of Chashama (Photos via Getty, Chashama)
    Durst-backed nonprofit puts startups into empty storefronts
    Durst-backed nonprofit puts startups into empty storefronts
    Berkshire Bank headquarters in 4 East 39th Street (Google Maps)
    Major FiDi landlord resigns as bank chairman after stock windfall
    Major FiDi landlord resigns as bank chairman after stock windfall
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...