C&W named agent for 717 Fifth

Real Estate Weekly, Nov 6, 2002

Cushman & Wakefield announced that Walton Street Capital, LLC, a Chicago-based real estate investment company, has awarded it the exclusive leasing agency and property management assignment for 717 Fifth Ave., a 450,000-SF class-A gem in the heart of the Plaza District.

Built in 1958, the 26-story glass office-tower is home to financial services giant Merrill Lynch, which occupies five floors, and to flagship stores for European retailers Hugo Boss and Escada. Designed by architects Harrison Abromovitz & Harris, it sits at one of the best locations in Manhattan, between 55th and 56th Streets at Fifth Avenue.

C&W was awarded the leasing and management assignment following Walton Street's purchase of the highly sought after property in mid-October. Terms of the deal were not disclosed.

According to Bruce Mosler, president of U.S. Operations at C&W, "This is a terrific asset with a great location, high credit tenants, and low vacancy. With the cost of debt at historic lows, this was clearly an excellent opportunity for Walton Street to grow its portfolio in New York."

The property is nearly 100% leased. The entire 26th floor, an 8,000-SF penthouse, will be available for direct lease through C&W at the beginning of 2003.

The C&W brokerage team representing 717 Fifth includes Lou D'Avanzo, Paul Glickman, Franklin Speyer, Alexander Chudnoff and Peter Berti, along with C&W's Strategic Agency Services, headed by Arthur Bocchi. The Asset Management team includes Lou Mantia and Joe Lagano.