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Coca-Cola Building Flips to Shvo a Month After Sale
A month after Nightingale Properties and Wafra Capital Partners acquired the Coca-Cola Building at 711 Fifth Ave. for $909 million, the historic office property has changed hands again. A partnership including developers Shvo and Bilgili Group has paid $955 million for the 18-story property, Crain’s New York Business reported.
Shvo now displays 711 Fifth on its website as part of its portfolio. Although Shvo is best known for residential developments and conversions, including the Mandarin Oriental Residences at 685 Fifth Ave., the company plans to maintain the circa-1927 711 Fifth as an office and retail property while making upgrades to its public space and tenant amenities.
The 340,000-square-foot 711 Fifth has “enjoyed almost a century of institutional ownership as one of only 20 boutique office buildings along Fifth Avenue,” according to Shvo’s website. It acquired its current nickname with Coca-Cola’s 1983 acquisition of Columbia Pictures, then its largest tenant.
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