Clarion Partners has acquired 100-104 Fifth Avenue in New York for $230 million. The New York-based real estate investment manager purchased the 277,412-square-foot building from a joint venture between the Kaufman Organization and Invesco Real Estate, retaining Kaufman to lease and manage the property.
Located one block away from Union Square, 100-104 Fifth Avenue is comprised of two contiguous buildings that originally were designed for a single tenant in 1906 and 1911. The property currently is fully leased by tenants that include Apple, Virgin, Timberland, Yelp and Net-A-Porter, according to data provider Real Capital Analytics.
“After repositioning, rebranding and leasing the property, our partnership decided that this was the right time to sell 100-104 Fifth Avenue,” said Fred Leffel of the Kaufman Organization. “The Midtown South market is active, and we believe that investors from across the country want to own here. This sale marks one of the largest deals in the neighborhood so far this year.”
The Kaufman Organization and Invesco purchased the building in late 2010 and implemented a capital improvement campaign to reposition the property by modernizing the lobby and the building systems, including the passenger elevators, security and heating, ventilation and air conditioning. The Kaufman Organization then was responsible for attracting new media companies to the property.