Aby Rosen’s RFR Realty has entered into contract to acquire the office portion of 522 Fifth Avenue from Morgan Stanley for around $350 million, according to Crain’s. The Midtown office condo spans roughly 575,000 SF.
- Savvy structure in these uncertain times: The bank will continue to occupy the entire office space for at least three years beyond the closing date… It’s unclear if Morgan Stanley’s 1585 Broadway might also be available for sale.
- Flashback: Morgan Stanley exercised an option to pay $468 million for the 23-story building in 2007. The two-story retail component was subsequently sold to Ashkenazy Acquisition + DekaBank + GGP for $165 million in 2014.