Michael Shvo is set to acquire the office portion of General Growth Properties and Thor Equities’ 685 Fifth Avenue office and retail building in Midtown, The Real Deal has learned.
Shvo is in contract to buy the non-retail portion of the 20-story, roughly 115, 000-square-foot building, which is located on the corner of 54th Street in the heart of the Upper Fifth Avenue retail corridor.
GGP, led by Sandeep Mathrani, and Thor, led by Joseph Sitt, partnered to acquire the entire property from Italian luxury brand Gucci for $460 million last June. Both Shvo and sources at GGP and Thor confirmed the transaction.
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“We can confirm that we are in contract on 685 Fifth Avenue, ” Shvo said in a statement. “This is an exciting project and a great addition to our growing portfolio.”
The deal is expected to close by the end of this year.
Read the full story at The Real Deal, by Rey Mashayekhi
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