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Amazon Acquires Fifth Avenue Office Tower
RFR said Friday it has sold its 600,000-square-foot office tower at 522 Fifth Ave. near Bryant Park and Grand Central Terminal for an undisclosed sum. Although RFR did not identify the owner-occupier buyer, Bloomberg News reported it as Amazon, whose New York offices are nearby.
The property was built in 1896 and in turn served as headquarters for JPMorgan and then Morgan Stanley. RFR acquired it from Morgan Stanley in 2020 for a reported $350 million. The firm then developed a comprehensive repositioning plan, including the acquisition of the retail condominium to consolidate the building.
“We’ve always had a sharp eye for architecturally significant assets that stand the test of time,” said Aby Rosen of RFR. “This sale speaks not only to the enduring appeal of the building, but to the strength of the Grand Central corridor and the growing demand for distinctive, high-quality opportunities in New York.”
