Davis Companies, TIG Recap Atco’s 630 Third Avenue With $50M Equity Investment
By Mark Hallum October 27, 2025 2:46 pm
reprints
ATCO Properties & Management closed on the sale of a stake in 630 Third Avenue valued at $66 million, according to property records and a statement from the company.
The Davis Companies with Tribeca Investment Group (TIG) acquired an undisclosed percentage of the 261,445-square-foot, 23-story Midtown office building, and is planning to renovate it through a $50 million joint equity investment, according to property records and the buyers.
The repositioning will see the construction of a new open-plan lobby, a tenant amenity and conferencing space and pre-built suites for new tenants, according to Davis and TIG.
Atco and the Ruben Companies developed the property in 1958 before buying Ruben out of its share at an unknown price relative to its valuation of $97.8 million in December 2022. Atco will retain a stake and continue managing the property.
The Boston-based Davis Companies and TIG did not immediately provide an updated comment from when the repositioning was announced earlier in October, indicating a plan to acquire the property.
“The Grand Central market continues to see strong leasing activity, and our investment will position this asset to capitalize on this growing tenant demand,” Andrew Kurd, managing director of investments for Davis, said in a statement at the time. “This is the latest milestone for Davis’ growing portfolio in the New York region, and we are confident that our planned improvements at 630 Third Avenue will return tremendous value for our investors.”
Kassin Sabbagh Realty‘s Albert Sultan arranged the sale.
“We are excited to partner with The Davis Companies and Tribeca Investment Group as we embark upon an exciting new chapter for 630 Third Avenue,” ATCO said in a statement.
Some tenants in the building include the Permanent Mission of the Republic of Slovenia to the United Nations, which occupies about 11,658 square feet, and law firm Schwartz Levine Stark, which took 3,800 square feet in December 2021.
Mark Hallum can be reached at mhallum@commercialobserver.com.
