Thor Selling 693 Fifth Avenue at Four Times 2010 Price [Updated]

693 Fifth Avenue.
693 Fifth Avenue.

Commercial Observer has learned that Thor Equities‘ Midtown office and retail property 693 Fifth Avenue between East 54th and East 55th Street, is in contract for $525 million, almost four times what it paid for the building six years ago.

A source close to the deal would not say who the buyer was, but that it was a non-commercial developer. (The deal was apparently done off-market.)

This represents a big coup for Thor; the firm purchased the property for $142.5 million in 2010, and scored a huge deal when it got Valentino to take its 19,600-square-foot space in 2013 for a staggering $3,000 per square foot. The retail portion also got a sleek David Chipperfield design.

Valentino is the largest tenant in the 105,422-square-foot building, and Carpenters Workshop Gallery, a London-based art gallery, took 5,300 square feet, as Commercial Observer previously reported last July. Louis Licari, a hair salon and colorist, has 9,078 square feet of retail and office space.

The building at 693 Fifth Avenue is only a block away from another Thor and General Growth Properties site at 685 Fifth Avenue where the 90,000-square-foot office component recently went into contract with the Turkish jewelry company Gulaylar, as The Real Deal reported. (The developer, Michael Shvo, backed out of a previous deal for the non-retail portion of 685 Fifth for more than $100 million.) Coach took the 23,400-square-foot retail space at 685 Fifth Avenue in February, paying an even more staggering $4,000 per square foot as 6sqft reported.

Thor declined to comment.

Update: This story was updated to reflect that the deal with Shvo at 685 Fifth Avenue fell through and that the buyer was Gulaylar.

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