Kering’s 60% Stake Sale of 5th Ave Retail and Office Condo Units Fetches $900M
Nearly two years after acquiring the 115,000-square-foot retail and office condo units within 717 Fifth Avenue, French luxury group Kering has sold a 60% stake for $900 million to global diversified private markets firm Ardian as part of a newly created joint venture, with Kering retaining the remaining 40% stake. Kering, whose luxury brands include Gucci, Balenciaga, and Alex McQueen, had acquired the pair of condo units in January 2024 for $963 million, comprised of roughly 80,347 square feet of multi-level retail space and 23,128 square feet of 4th floor office space according to documents posted on city records. Located on the southeast corner of East 56th Street, due to the property’s L-shaped structure, a portion of the space runs block through to East 55th Street. Kering has realized $690 million in net proceeds from the sale, and news of the announced deal coming about one year after completing a similar joint venture arrangement with Ardian for a portfolio of three Paris properties.