DECEMBER 19, 2014

Sutton, GGP’s $1.75B Crown Building buy sets world record

Jeff Sutton and General Growth Properties are buying the Crown Building at Fifth Avenue and 57th Street for $1.75 billion, only a day after it hit the market.

The price comes down to $4,490 per square foot, which sets a new world record for the price of an entire office building, according to Real Capital Analytics data cited by Bloomberg News. The nearly 400,000-square-foot tower includes roughly 50,000 square feet of highly valuable retail space, where Bulgari and Mikimoto are located. Bank of America and Piaget also have locations in the building.

The Winter and Spitzer families are the sellers of the building at 730 Fifth Avenue, which they purchased for $93.6 million in 1991 from the Philipine government.

Eastdil Secured’s Douglas Harmon and Adam Spies marketed the building.

Some of the building’s tenants include literary agency ICM, private-equity firms KKR and Apollo Global Management and men’s designer Ermenegildo Zegna, according to the New York Post. [NYP] and [Bloomberg News] — Claire Moses

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