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Brokerage
Posted: June 23, 2016
Dubin and Conover of Savitt Partners advise buyer in $527 million sale
Robert Conover, Savitt
Michael Dubin, Savitt
Darcy Stacom, CB Richard Ellis
Marcella Fasulo, CB Richard Ellis
New York, NY Affiliates of the Paris-based holding company FIMALAC have purchased 693 Fifth Ave., an office tower located in the Plaza District, from Thor Equities for $527 million.
The buyer was advised by Savitt Partners’ Michael Dubin and Bob Conover. Simultaneous to the acquisition, the new ownership appointed Savitt Partners as the exclusive leasing and management agency for the office tower.
693 Fifth Avenue - New York, NYLocated between East 54th and East 55th Sts. in the Plaza District, the 20-story, 105,500 s/f office tower is home to international fashion designer Valentino, London-based art gallery Carpenters Workshop, and David Chipperfield Designs. The property is close to Rockefeller Center, Central Park and the Museum of Modern Art and features a newly designed lobby, common areas and elevators. Affiliates of FIMALAC are acquiring the property as a generational investment and Savitt Partners will work with the owner to attract upscale tenants that would complement the existing occupancy, as well as further enhance the overall value and cache of the property.
“693 Fifth Ave. is a real estate asset that can never be duplicated,” said Dubin. “From its central location, in the heart of the Plaza District, to the high-profile tenants occupying retail and office space, this property is a true gem in the market. We believe that in working closely with FIMALAC we will be able to further enhance the value of this incredible asset.”
Darcy Stacom and Marcella Fasulo of CBRE’s Investment Properties Group represented and marketed the building on behalf of Thor Equities, while Shawn Rosenthal and Jason Gaccione of CBRE’s debt & structured finance group arranged financing for the acquisition.
Steven Wilner and Laura Koehler of the law firm Cleary Gottlieb Steen & Hamilton LLP represented affiliates of FIMALAC. Morris Missry and Warren Barrows from Wachtel Missry represented Thor Equities.
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