Coca-Cola looks to sell Fifth Ave building

Ralph Lauren shuttered flagship store at property’s base last year, but is still on the hook for the lease

711 Fifth Avenue (Credit: LoopNet)
711 Fifth Avenue (Credit: LoopNet)

Coca-Cola is looking to sell its eponymous building on Fifth Avenue.

The soft drink maker has put the 18-story, 354,000-square-foot building it owns at the corner of 55th Street on the market, Bloomberg News reported.

Coca-Cola, which inherited the building at 711 Fifth Avenue in 1983 with its purchase of Columbia Pictures “has determined that it does not need to retain its investment in the building to support its activities in New York,” according to a statement.

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A Cushman & Wakefield team of Doug Harmon, Adam Spies and Kevin Donner is marketing the property.

Douglas Harmon and Adam Spies

The building, which dates back to 1927, has three floors of office space at the top that are vacant and could be combined into one large space. Office tenants include the investment Bank Allen & Co. and Sandler Management.

The retail is under lease to luxury watchmaker Breguet and Ralph Lauren, which are both looking to sublease their space. Ralph Lauren last year closed the Polo store it operated at the space, and continues to run the popular Polo Bar restaurant. [Bloomberg] – Rich Bockmann