RFR Selling Office Portion Of 160 Fifth To Current Tenant For $185M
Simons Foundation is reportedly under contract to buy the office part of the building at 160 Fifth Ave. for $185M, or $1,500 per SF.
Aby Rosen’s RFR Holdings is keeping the retail portion, the New York Post reports. The firm paid $34M for the building in 2005, according to the publication, and holds a $110M mortgage on the 150K SF property.
The sale is slated to close this fall. Simons Foundation, which supports scientific research, is already one of the major tenants in the building, with a 76K SF office. Cushman & Wakefield’s Douglas Harmon, Adam Spies and Michael Collins, as well as a JLL team, represented the seller.
RFR, led by Aby Rosen and Michael Fuchs, owns office properties such as the Seagram Building at 375 Park Ave. and Lever House at 390 Park Ave., although RFR has been in jeopardy of losing control of the latter property because of looming debt obligations.
The transaction is just one of a number of significant Manhattan sales to become pending in recent weeks. Savanna is reportedly under contract to sell its Chelsea office building Chelsea540 to Lincoln Property Co. for $260M, or $1,560 per SF. Meanwhile, L&L Holding and Normandy Real Estate Partners are set to pay around $900M for Terminal Stores in Chelsea with the aim of redeveloping it.
Closed deals are harder to find, however, as 2018 is on pace to finish with just 250 commercial trades, according to Colliers International, down 50% from 2016.