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Midtown Manhattan Building Trades for $468M

TH Real Estate closed the $467.5-million sale of 685 Third Avenue, a 651,492-square-foot, office building with ground-level retail in Midtown Manhattan to Japanese investor, UNIZO Holdings Company, Limited. TH Real Estate had acquired the 31-story office building as a value-add investment in July 2010 from Pfizer for $190 million, when it was nearly vacant.

TH Real Estate subsequently developed an ambitious asset management plan and sold a 49.99% interest to Future Fund, Australia’s sovereign wealth fund.

The complete repositioning of the building included renovations to the building’s lobby, an improved pocket park, and the addition of fast-casual eateries. The follow-on office leasing program has brought overall occupancy level to 93%, and ultimately attracted a wide array of tenants including Salesforce, Tribune, and Crain’s.

This is UNIZO’s sixth New York City purchase. CBRE’s Bill Shanahan and Darcy Stacom represented TH Real Estate in this transaction.

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Connect With TH Real Estate’s Giacomo BarbieriConnect With UNIZO HoldingsConnect With CBRE’s Shanahan

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.