Midtown Manhattan office building could fetch $1 billion
Another Class-A office building in Midtown Manhattan is on the market. Located on 52nd Street in the heart of Midtown near Rockefeller Center, 666 Fifth Ave. could command bids as high as $1 billion, or more than $600 per sq. ft. The building is 96% leased, and several of the leases run through the next nine years.
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Tishman Speyer and TMW Real Estate bought the building two years ago from Sumitomo Realty for $518 million, or $345 per sq. ft. The partnership has been quietly marketing the building through Lazard Freres.
"This building could trade for a market cap in the high 6s," says Richard Baxter, investment sales broker at Insignia/ESG.
According to Baxter, the building has a similar tenant base 399 Park Ave., another Midtown office building with a low vacancy rate and extended leases, which sold for $1.04 billion last fall. Boston Properties purchased the building from Citigroup.
Tenants of 666 Fifth Ave. include Citibank, which leases nearly 200,000 sq. ft., along with legal firm Orrick Herrington. Major tenants of the building’s 85,000 sq. ft. of retail space include Brooks Brothers and the National Basketball Association (NBA) store.
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