Thor Equities purchases and unveils plans to upgrade Takashimaya Building-$200 million

According to Thor Equities, it has closed on a deal to purchase the iconic 693 Fifth Ave., also known as the Takashimaya building. Thor also unveiled the start of a renovation and update of the building that, in addition to other work, will transform the façade and first eight floors of the building making it more open and appealing for a retail flagship location. Thor will be acting as its own leasing agent and pursuing domestic and international tenants. As part of any deal, the new tenant will have the exclusive right to name the building. "As the old saying goes in real estate: location is everything, but that is just one of the reasons that this is such a special building," said Joseph Sitt, president of Thor Equities. "We have some very interesting plans for 693 Fifth Ave. that will be extremely conducive to a major retailer looking to put its stamp in Manhattan. From the naming rights to the new façade, from its history to its location, we are in position to offer an extremely interesting package for the right tenant." Currently, the building is a mix of retail and commercial uses, but under the renovation the first eight floors will be transformed into all retail space with eight stories of powerful branding potential and the existing 3,500 s/f of retail space on the ground floor will be nearly doubled to 6,000 s/f to make it more accommodating for potential retailers. The renovations will also replace the existing granite columned façade with more a more modern and appealing glass façade. Floors nine-to-20 will keep their original design. Construction for the renovation is expected to start by the fall of 2010 and completed by late spring 2011. Thor Equities is a leader in urban real estate development, leasing and management, pursuing premier hotel, commercial, retail and mixed-use assets in high-density areas. Thor is also a leasing agent for many of it buildings, a third party property owner and exclusively represents global retailers in their search for prime urban locations. Thor Equities provides High Street retail, commercial, hotel and mixed-use building environments within urban centers across the U.S.­