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RFR buys 522 Fifth Avenue

Aby Rosen’s RFR has closed on its acquisition of 522 Fifth Avenue from Morgan Stanley for $350 million, according to The Real Deal. The Midtown office condo spans roughly 575,000 SF. 

  • Savvy deal structure: The building currently serves as the headquarters for Morgan Stanley’s wealth management division. As part of the deal, the company will continue occupying the entire office space for at least three more years. Rosen is seeking to lease the building to a single tenant beginning in March 2024.
  • 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, and is not included in this deal. [Crain’s+TRD]

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