Thor Equities Mulling Sale Of Its Own Midtown HQ
Thor Equities could soon be selling off its own headquarters, making it the latest in a string of Midtown locations the developer has put on the block.
Thor hired a JLL team to market its 16-story, 200k SF building at 25-33 W 39th St in the Garment District, and is hoping to get about $200M for the property, The Real Deal reports.
It’s unclear whether a final decision has been made about whether to sell the building, however. Thor and its affiliates occupy roughly 45k SF at the building, and other tenants include Polo Ralph Lauren, Movado and clothing store Seven for all Mankind. There’s about 30k SF of available space on the fifth and ninth floors.
Asking rents on the open floors are in the mid-to-high $60/SF range. Thor and the Chetrit Group picked the building up in 2005 from Tommy Hilfiger for $53M, and the next year Chetrit sold its stake to Thor for $80M.
Thor has a number of nearby properties on the block, including buildings at 134, 590 and 597 Fifth Ave, as well as the retail section of 530 Fifth Ave. Thor’s already in contract to sell 693 Fifth Ave for $525M and 685 Fifth Ave for $115M. [TRD]