Thor Equities, GGP Put 685 Fifth Ave. On The Block
Thor Equities has put another of its retail properties up for sale, this time in the heart of Fifth Avenue.
General Growth Properties announced its intent to sell its 50% stake in 685 Fifth Ave. back in May, and now Thor has put its portion on the block as well, Crain's New York Business reports. Thor purchased the 20-story, 140K SF building in 2014 from Gucci, and last year signed Gucci competitor Coach to a lease in the building's retail portion.
The building's office component sits vacant, and an attempt to sell it as an office condo to Gulaylar Group for $150M fell through. Thor purchased the whole building for $460M before bringing on GGP, and the two are reportedly marketing 685 Fifth for $500M.
Thor joining GGP in selling a retail-anchored property fits with its recent strategy to focus more resources on other sectors of commercial real estate, such as its massive Red Hook office development.
