Rockpoint, Fisher Bros. Buy 50% Stake in 2 NYC Office Towers Totaling 3 MSF

Source:  CPE

Fisher Brothers now has a new partner in the ownership of 1345 Avenue of the Americas and 605 Third Avenue, two Class A office high-rises totaling 2 million square feet in Midtown Manhattan. Fisher, which had already owned a 50 percent interest in the properties, joined forces with Rockpoint Group L.L.C. to acquire the remaining 50 percent stake from National Bulk Carriers Inc.

Both office destinations have been prominent fixtures in the Midtown market for the last half century. Featuring approximately 1.9 million square feet, the 50-story building at 1345 Avenue of the Americas made its debut in 1968, five years after the opening of the 43-story, 1.1 million-square-foot tower at 605 Third. Today, the properties boast tenant rosters with big names such as investment management company Alliance Bernstein, which claims half the office space at 1345 Avenue of the Americas, and big occupancies; they both are leased in the high 90-percent range.

All parties are keeping mum on the financials of the sales transaction. However, the assets undoubtedly commanded a pretty penny; after all, these are premier office assets in one of the most coveted real estate markets in the world. Recent sales activity paints quite a picture. In October 2013, Canada’s Ivanhoé Cambridge snapped up a 51 percent interest in the 2 million-square-foot office property at 1211 Avenue of the Americas from Beacon Capital Partners for $850 million.

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