$79m sale of Scriber Building closed

$79m sale of Scriber Building closed

Jones Lang LaSalle 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, 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 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 landmark and was built in 1913 as the flagship store for Charles Scribner’s Sons, 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.

COPYRIGHT 2006 Hagedorn Publication

COPYRIGHT 2006 Gale Group