100 Fifth trades for under $100M

A joint venture of the Kaufman Organization and Invesco Real Estate have picked up the 270,000-square-foot office tower at 100 Fifth Avenue for $93.5 million, sources told the Wall Street Journal. The building, one block from Union Square, last changed hands for $152 million in 2008, when a unit of U.K. entrepreneur Paul Kemsley’s now-bankrupt Rock Joint Ventures bought it from Atlas Capital Group. Its new owners said they plan to put $9 million worth of renovations into the 17-story property, which Kaufman will manage and which is currently 70 percent occupied. They’ll ask between $50 and $55 per square foot for the available space. “We feel the timing is right to build our presence in New York City,” said Greg Kraus, who leads Invesco’s North American acquisition efforts. The firm’s New York City portfolio current includes the Brill Building in Midtown and several downtown office buildings. [WSJ]