JPMorgan Asset Management has sold its 49% interest in Fisher Brothers’ 605 Third Ave. at a $425-million valuation. Fisher Brothers is now seeking a new institutional partner on the 43-story, one-million-square-foot Midtown Manhattan office tower.
Newmark’s Adam Spies, Josh King, Adam Doneger, Marcella Fasulo and Avery Silverstein are leading the sales process. Fisher Brothers recently completed a similar recapitalization at Park Avenue Plaza,with Vornado Realty Trust acquiring a 49% stake.
Originally developed by Fisher Brothers in 1963, 605 Third Ave. is currently 84% leased, with a business plan focused on increasing rental rates as leases roll, targeting approximately 60% income growth over the next five years. Fisher Brothers recently announced that it had secured nearly 65,000 square feet of leases at the property since April.
“Signing five leases in the last three months demonstrates the continued strength of the Third Avenue corridor and the sustained demand we’re seeing from both new and existing tenants for high-quality office space,” said Ken Fisher, partner at Fisher Brothers.
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