Thor Equities, GGP Put 685 Fifth Ave. On The Block
General Growth Properties announced its intent to sell its 50% stake in 685 Fifth Ave. back in May, and now Thor has put its portion on the block as well, Crain's New York Business reports. Thor purchased the 20-story, 140K SF building in 2014 from Gucci, and last year signed Gucci competitor Coach to a lease in the building's retail portion.
The building's office component sits vacant, and an attempt to sell it as an office condo to Gulaylar Group for $150M fell through. Thor purchased the whole building for $460M before bringing on GGP, and the two are reportedly marketing 685 Fifth for $500M.
Thor joining GGP in selling a retail-anchored property fits with its recent strategy to focus more resources on other sectors of commercial real estate, such as its massive Red Hook office development.