$79m sale of Scriber Building closed.Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. announced that it completed the sale of The Scribner Building (597 Fifth Avenue--between 48th and 49th streets) and 3 E. 48th Street on behalf of Edizione Realty, an entity controlled by the Benetton Family Four members of the Italian Benetton family founded the Benetton Group S.p.A. clothing company in 1965. The three brothers and one sister were all born in Treviso, Veneto, Italy. , to A&A Investment Company, Inc., a privately held real estate investment company based in the Middle East, for $79 million or $1,026 per square foot. The Jones Lang LaSalle New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Capital Markets team of Tom Beneville, Jay Miele and Nat Rocket represented Edizione Realty. There was not a cooperating broker. The Scribner Building is a New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. landmark and was built in 1913 as the flagship store for Charles Scribner's Sons Charles Scribner's Sons is a publisher that was founded in 1846 at the Brick Church Chapel on New York's Park Row. The firm published Scribner's Magazine for many years. Scribner's is well known for publishing Ernest Hemingway, F. Scott Fitzgerald, Kurt Vonnegut, Robert A. , and was occupied by the firm for more than 70 years. The landmark building is 65,572 square feet and 3 E. 48th Street is 12,335 square feet for a total of 77,907 square feet. "The Manhattan office market continues to be strong and that buoys investment sales," said Tom Beneville, Jones Lang LaSalle Managing Director. "The buildings offered 15,000 s/f of vacant office space in a surging leasing market, which created a signficant value-add for A&A Investments. Additionally, A&A was interested in taking advantage of the strengthening Fifth Avenue retail market--which has some of the heaviest foot traffic in Manhattan. |
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