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JPMorgan sells 49% stake in Fisher Brothers’ 605 Third Ave for $425M

The 43-story office tower is 84% leased, and Fisher Brothers is targeting about 60% income growth over the next five years as leases roll.

Reported · Written up by our desk · Industry

JPMorgan Asset Management has sold its 49% interest in Fisher Brothers’ 605 Third Ave. in Midtown Manhattan for a $425 million valuation, according to ConnectCRE.

Fisher Brothers is now seeking a new institutional partner for the 43-story, one million square foot office tower. Newmark’s Adam Spies, Josh King, Adam Doneger, Marcella Fasulo, and Avery Silverstein are leading the sales process.

ConnectCRE reports the property, originally developed by Fisher Brothers in 1963, is currently 84% leased. Fisher Brothers said its business plan focuses on increasing rental rates as leases roll, targeting approximately 60% income growth over the next five years.

The firm also announced it has secured nearly 65,000 square feet of leases at 605 Third Ave. since April. Ken Fisher, a partner at Fisher Brothers, said signing multiple leases over the past three months reflects strength along the Third Avenue corridor and ongoing tenant demand for high-quality office space.

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