Fifth Ave. office and retail tower is bought for $353m.Equity Office has purchased the 717 Fifth Avenue office tower, which comprises 380,796 s/f in Midtown Manhattan, 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 , for $160.5 million from a joint venture between HGA HGA High-Gain Antenna HGA Handweavers Guild of America HGA Hammel Green and Abrahamson HGA Hercules Graphics Adapter HGA Homogentisic Acid HGA Honor Guard Academy HGA Holy Guardian Angels (Reading, PA catholic church) Capital and a fund sponsored by Walton Street Walton Street is a street in central Oxford, England, located in the heart of the area known as Jericho. The street runs north from the western end of Beaumont Street where the main entrance of Worcester College is located. Capital, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The transaction was executed in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem with a private retail investor Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. group that purchased the asset's 84,000 s/f ground-floor retail area, including the building's fourth floor office space. The total purchase price for the building's office and retail components was $353 million. "This asset adds to our concentrated market share and allows us to leverage operating and leasing synergies with our other buildings in the Midtown submarket," commented Jeffrey Johnson, Equity Office's chief investment officer. "The transaction is a great example of a creative deal structure. By executing the purchase with another investor that focuses on retail, we were able to acquire a world-class office building at a good price." Equity Office owns six other office buildings totaling nearly 5 million square feet in the Manhattan's Midtown submarket. The company's local portfolio is 94.7% occupied. The 717 Fifth Avenue office tower is currently 70.6% occupied. "This building is recognized locally as a highly desirable asset in the heart of Midtown's Plaza District," added Don Huffner, acting senior vice president of Equity Office's New York Region. "We believe it will enhance our overall portfolio offering in the market." |
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