Jamestown, Rockwood partner to provide equity for recent 530 Fifth purchase
Clockwise from top left: Rockwood Capital CEO Edmond Kavounas, Crown Acquisitions CEO Stanley Chera, 530 Fifth Avenue, Murray Hill Properties CEO Norman Sturner and Jamestown Properties managing director Matt Bronfman
A partnership of Jamestown Properties and Rockwood Capital is providing equity to Murray Hill Properties and Crown Acquisitions for their previously reported $390 million purchase of 530 Fifth Avenue. The Wall Street Journal reported Jamestown and Rockwood will be the controlling equity holders.
The four firms are putting about $200 million in equity into the purchase and taking out about $220 million in debt. Crown is slated to manage leasing the retail space in the building, which is occupied by Fossil Store and LensCrafters, and will soon be home to a Syms. Murray Hill will manage leasing out office space, which currently houses JPMorgan Chase and Mass Mutual among others.
The purchasers had been shopping for equity partners for some time, the Journal said.
Murray Hill and Crown signed a contract to acquire the 26-story, 500,000-square-foot building from Joseph Moinian and the Chetrit Group in September, in a deal brokered by Eastdil Secured. Moinian and the Chetrits paid $210 million for it in 2004. [WSJ]