Sovereign, HudsonPoint Buy 575 Fifth Ave. For $378M: The N.Y. Deal Sheet
MetLife and Beacon Capital Partners have closed the sale of 575 Fifth Ave., four years after first putting the property on the market.
Sovereign Partners and HudsonPoint Capital bought the 40-story, 544K SF building for $378M, per city records filed Friday.
Sovereign and HudsonPoint structured the deal as two transactions, paying $316M to a Beacon Capital Partners-MetLife joint venture for the office portion and $62M to MetLife for the retail.
The deal was first reported by Commercial Observer on April 13 while under contract, with a widely cited price of $380M.
MetLife has owned the property since 2005, when it paid $385M before later splitting it into an office component and three retail units, PincusCo reported. Beacon acquired a 50% stake in the office in 2015.
The partners were seeking about $400M when they first marketed the asset in early 2022 and returned it to market last fall at the same price, according to The Real Deal. The roughly 500K SF office component was about 87% leased as of September.
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