A partnership of Jeff Sutton and Aurora Capital has entered into a 99-year triple net lease of 511 Fifth Avenue, a 160,000-square-foot, Class-A building that features approximately 20,000 square feet of highly desirable retail space on the southeast corner of 43rd Street in Midtown Manhattan.
Cushman & Wakefield represented the building’s owner, a group of family trusts, which received several competitive proposals for the net lease at the property.
The 17-story property presently serves as the New York headquarters for Israel Discount Bank (IDB), which occupies the entire premises.
Mr. Sutton and Aurora Capital will operate the property during the 99-year net lease term. In addition, they will undertake renovations and assume responsibility for leasing.
The transaction was led by a team of Cushman & Wakefield professionals including Bruce Mosler, David A. Green, Louis Wolfowitz, Peyton Horn, Josh Kuriloff and Nat Rockett.
“We sent a cogent message to the investment community that this transaction offered a unique opportunity to obtain long-term control of a truly superior Midtown Manhattan asset,” said Bruce Mosler, Chairman, Global Brokerage for Cushman & Wakefield. “The owners were delighted by the outcome.”
Raymond Sanseverino and Richard Nardi of Loeb & Loeb LLP provided legal representation for the owners, and Chris Smith and Lisa Brill of Shearman & Sterling represented the lessee.