RXR Buys Into 530 Fifth Avenue With $200M From Morgan Stanley
Damian Ghigliotty Nov. 11, 2014, 1:52 p.m.
RXR Realty received a $200 million loan from Morgan Stanley to help finance the acquisition of an office condo interest at 530 Fifth Avenue, Mortgage Observer has first learned.
The five-year loan closed in late October, coinciding with the close of the $300 million condo buy, said RXR President and Chief Financial Officer Michael Maturo.
Thor Equities agreed to purchase the 26-story office and retail building from Rockwood Capital, Jamestown, Murray Hill Properties and Crown Acquisitions for $595 million in June and then brought in RXR and Chicago-based General Growth Properties to co-invest in the property. Thor’s purchase also closed in late October.
The building’s previous owners acquired the 500,000-square-foot asset, which extends one block between 44th and 45th Streets, in January 2012 for $390 million, city records show.
Current retail tenants at 530 Fifth Avenue include J.P. Morgan Chase & Co., Desigual and Fossil. Office tenants at the property include Cablevision, Lions Gate Entertainment, Diageo North America and Massachusetts Mutual.
“The sale of 530 Fifth Avenue demonstrates the strength of the capital market for high-quality assets in great locations,” Rockwood Managing Director Tyson Skillings said in a press release confirming the sale.
Thor Equities did not return requests for comment.