Tuesday, April 3, 2007

$625 PSF takes down Vacant Fifth Avenue Building

According to Globe Street, L&L has paid $500 million for the 800,000 square foot Toy Center, and plans at least $75 million of improvements to turn it into a Class A office.

The building is vacant, except for restaurant Cipriani. Lehman provided the financing for the acquisition, and presumably, the renovations going forward. Tenants will be able to take occupancy by the end of next year.

“We believe that having the largest block of available class A space in New York City will attract the attention of a variety of large tenants in the market. We have already had some inquiries,” says Robert Lapidus, L president and CIO.

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