A London based firm, Strategic Real Estate Advisors purchased the Fifth Street Towers for $186.4M. The sale also included the Riverpark building in Norwalk, Conn., for an additional $107.6M. The final sale price of $294M made this one of the largest U.S. real estate deals in the months.
The 25 and 36 story Fifth Street Towers total around 1.1M square feet, the price per square foot being around $170. The towers were 83 percent leased at the time of sale to tenants including publisher Augsburg Fortress, Qwest and law firm Leonard, Street, and Deinard.
The 4 story, 412,000 square foot Riverpark Building was purchased for about $270 per square foot. It was 97 percent leased at the time of sale to tenants including Priceline.com and Georgia-Pacific Corp.
The buyer, Stratreal was assisted by Atlanta based Carter Real Estate. The seller, CB Richard Ellis Investors was represented by brokers; Tom Holtz, Steve Buss and Ryan Watts of CB Richard Ellis.
