Savills Studley Advised Deka in Joint Venture Acquisition of 522 Fifth Avenue
Germany-based real estate investment company partnered with local Ashkenazy Acquisition to purchase luxury retail condominium
New York, NY (October 6, 2014)
Deka Immobilien GmbH has acquired a retail condominium at 522 Fifth Avenue in a joint venture with New York-based Ashkenazy Acquisition Corporation for approximately $170 million. The seller was Morgan Stanley.
Just steps from Bryant Park and Grand Central Station on fashionable and globally recognized Fifth Avenue, the luxury, two-level flagship location currently encompasses 8,411 square feet of corner retail space, with approximately 25 feet of frontage along Fifth Avenue. There is an opportunity to reposition and significantly enhance the property, potentially adding approximately 16,000 square feet of premier retail space and expanding the property’s storefront by 44 feet.
Savills Studley’s US Cross-Border Group, led by Robert Stamm, advised Germany-based Deka in the acquisition and represents the investment company exclusively in the United States. Deka has about $25 Billion EUR real estate assets under management globally on behalf of private and institutional clients. This is the firm’s first joint venture acquisition the U.S.
“522 Fifth Avenue presented a unique opportunity to bring together the expertise of a local operator with the span of a global institutional investor such as Deka,” said Robert Stamm. “Together, the firms have the ability to create a global showcase for luxury brands along one of the most desirable and dynamic retail corridors in the world. This milestone partnership sets the stage for future opportunities and we envision replicating this success going forward.”
About Savills Studley
Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 29 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.
The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).
For more information, please visit www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.
Savills Studley Cross Border Investments
Savills Studley Cross Border Investment (CBI) is an advisory practice, comprising our new Savills Studley relationship, and our previous existing US presence, tailored towards foreign investors who require specialised advisory and technical services in the United States. CBI assists international clients with all aspects of their investment initiatives, including, but not limited to: Strategy, Buy-Side, Debt Structuring and Disposition services. CBI has successfully advised international clients on approximately $3.5 billion of US commercial real estate transactions since 2009 and continuously collaborates with the network of Savills Cross Border Investment colleagues around the world.