Coca-Cola Building On Fifth Avenue Will Soon Be Up For Sale
The Coca-Cola Co. has owned a piece of Fifth Avenue real estate since before its infamous "New Coke" failure of 1985, but it plans to sell it soon.
The building, 711 Fifth Ave., which is at the corner of East 55th Street, spans 354K SF and is mainly used for office and retail space, according to a release from Cushman & Wakefield, which plans to market the property for sale next year.
Coca-Cola has owned the building since 1983, when it picked it up as part of its acquisition of Columbia Pictures, according to C&W. The company has decided it can sell the building and still have a satisfactory footprint in the Big Apple.
Last year, Ralph Lauren announced it would close its flagship Polo store in the building in an effort to deal with falling sales and stagnant profits. It still runs the Polo Bar restaurant there.
Fifth Avenue is still the most expensive retail corridor in the world, but it has had problems with vacancies and asking rents that have been artificially inflated, which has made it difficult for many landlords to lease space or sell for a profit.
C&W’s Doug Harmon, Adam Spies and Kevin Donner will market the building.