The Coca-Cola Company announced that it has closed on the sale of 711 5th Ave., an iconic retail and office building in Manhattan, New York.
The buyers are a partnership of Nightingale Properties and Wafra Capital Partners.
According to the Commercial Observer report, Nightingale Properties and Wafra Capital Partners have purchased the Coca-Cola Building for $907 million and secured a $700 million loan from J.P. Morgan Chase in the process.
The 19-floor, mixed-use property consists of 354,000 square feet. Coca-Cola acquired the building in 1983.
Coca-Cola was represented in marketing the building by the Cushman & Wakefield Institutional Capital Markets team of Doug Harmon, Adam Spies and Kevin Donner. Proskauer Rose LLP served as outside legal counsel for Coca-Cola.
Blaivas & Associates, P.C. represented Nightingale Properties. Rosenberg & Estis, P.C. represented Wafra Capital Partners.