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Rockefeller Foundation buys five floors at 420 Fifth Ave.

With the purchase of five floors of 420 Fifth Avenue, the Rockefeller Foundation announced it will move its New York operations - the home office of the organizations -- to an 87,500square-foot office condominium in the Fifth Avenue property.

One of America's oldest philanthropic organizations, the Rockefeller Foundation was endowed by John D. Rockefeller and chartered in 1913 "to promote the well-being of mankind throughout the world." Today, the foundation offers grants in three principal areas: international science-based development, the arts and humanities and equal opportunity. The foundation also has smaller grant programs in international security and U.S. school reform, and operates a study and conference center in Bellagio, Italy.

This transaction brings 420 Fifth Avenue to approximately 90 percent occupancy in the office tower, continuing an aggressive and innovative marketing strategy developed by senior advisor Eddy Cogan for The Hammerson Group.

420 Fifth Avenue, a 600,000-squarefoot office building, is the first major Midtown property to condominiumize office space.
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Title Annotation:office building in New York, New York
Publication:Real Estate Weekly
Date:Apr 28, 1993
Previous Article:Law firm expanding.
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