David Werner Buys 49% Stake in 605 Third Avenue
Werner does not have conversion plans for the Midtown office tower
By Isabelle Durso October 22, 2026 4:13 pm
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Werner, an avid buyer and redeveloper of office properties in Midtown, has acquired a 49 percent stake in 605 Third Avenue, a 43-story, 1 million-square-foot office tower he now owns in tandem with Fisher Brothers, according to a source with knowledge of the deal.
It’s unclear how much Werner paid to acquire the stake, but J.P. Morgan Asset Management — Fisher Brothers’ previous partner at the property — listed the 49 percent stake at a valuation of $425 million in July.
Newmark’s Adam Spies, Joshua King, Adam Doneger, Doug Harmon, Marcella Fasulo and Avery Silverstein brokered the deal.
Fisher Brothers declined to comment, while a spokesperson for Newmark did not immediately respond to a request for comment. Werner could not be reached for comment. The Real Deal first reported the deal.
While Werner is a household name in Manhattan’s office-to-residential conversion scene — such as at the former Pfizer headquarters building at 219-235 East 42nd Street — he will not be pursuing any conversion plans at 605 Third Avenue and plans to keep it as an office property, the source said.
Current office tenants at 605 Third Avenue include law firms Hodgson Russ and Katsky Korins, as well as business publishing and events company Informa.
The deal marks Werner’s second traditional office play in Midtown over the past year, after buying One Dag Hammarskjöld Plaza from Rockpoint for $270 million last December.
Werner’s stake acquisition in 605 Third Avenue also comes as Fisher Brothers withdrew its Israeli bond market offering after failing to raise interest from investors overseas and citing challenges from rising interest rates and changes in market conditions, TRD reported.
The firm had hoped to raise about $100 million as unsecured bonds and intended to use the proceeds to purchase J.P. Morgan Asset Management’s then-49 percent stake in 605 Third Avenue, as well as to pay for capital expenditures and leasing costs within its portfolio, according to the outlet.
Isabelle Durso can be reached at idurso@commercialobserver.com.
