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Invesco-Kaufman Team Up To Buy 100 Fifth Ave. for $94M

JV Closes on NYC Office Tower in $346PSF Distress Sale
December 14, 2010
A joint venture between Dallas-based Invesco Real Estate and New York-based Kaufman Organization has closed on the purchase of 100-104 Fifth Ave. in New York City for $93.5 million, or $340 per square foot, in a pre-petition bankruptcy auction under court-appointed management.

The building was sold from the now-bankrupt Rock Joint Ventures, led by UK entrepreneur Paul Kemsley. Rock Joint Ventures purchased the building in 2008 for $152 million, or $553 per square foot, according to CoStar data.

The 17-story, 270,000-square-foot office tower was built in 1906 and is located between 15th and 16th Streets in Chelsea. Including 30,000 square feet of ground level, mezzanine and cellar retail space not included in this sale, the property totals 305,000 square feet on 18 floors.

The new owners are expected to invest another $9 million in renovations and improvements to the office property. The building is currently 70 percent occupied and will be managed by Kaufman. Existing tenants in the building include The Academy for Educational Development and DeVito/Verdi, while Mesa Grill restaurant sits on the ground floor.

"We feel the timing is right to build our presence in New York City," said Greg Kraus, who leads Invesco's North American acquisition efforts. The firm owns several downtown office buildings in addition to the Brill Building in Midtown.

CB Richard Ellis' Debt and Equity Finance team arranged a $55 million, five-year, non-recourse first mortgage loan with a major New York bank to facilitate the acquisition. Mark Fisher, senior vice president, Keith Braddish, executive vice president, Jason Gaccione, vice president, and Michael Diaz, associate with CBRE Capital Markets New York City office, closed the transaction on behalf of the buyers.

Woody Heller, executive managing director and head of Studley's Capital Transactions Group, along with Will Silverman, corporate managing director at Studley, represented the seller.

Please see CoStar COMPS #2014645 for more information on this transaction.

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