Serdar Bilgili and Michael Shvo have acquired the Coca-Cola building at 711 Fifth Avenue from Nightingale Properties + Wafra Capital Partners for $955 million. The office and retail property spans 354,000 SF, and is located between East 55th and East 56th Streets.
- Sometimes it’s better to be lucky than good: When it appeared that Nightingale and Wafra were unable to secure financing this past summer, they filed a lawsuit against Coca-Cola for breach of contract. The deal was subsequently saved when JPMorgan swooped in and provided a $700 million loan for their $907 million acquisition, TRD noted.
- That hurts: Shvo made the same offer to Coca Cola, but was not selected as the winning bidder.
- Dig Deeper: The retail component (40K SF) once occupied by Ralph Lauren and Breguet now sits vacant; however, both companies’ leases are on the sublet market and expire in 2029. Ralph Lauren’s lease pays the owner $27.5 million for the next five years and increases to $30 million for the following five. Office tenants at the property include Allen & Co. and Sandler Management.