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Report: SHVO JV acquires NYC's Coca-Cola building for $955M

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Report: SHVO JV acquires NYC's Coca-Cola building for $955M

A joint venture between real estate developer SHVO and real estate-focused Turkish conglomerate Bilgili Group acquired the 354,000-square-foot Coca-Cola building in Manhattan, N.Y., from Nightingale Properties LLC and Wafra Capital Partners Inc. for $955 million, The Real Deal reported, citing people familiar with the matter.

The partnership's investors include Deutsche Finance America LLC and Germany-based institutional investor and pension fund Bayerische Versorgungskammer, and the deal includes nearly $500 million equity, according to the sources.

The 11-story building at 711 Fifth Ave. changed hands for the second time in recent months. The building was owned by Coca-Cola Co. since 1983. Coca-Cola began marketing the asset in December 2018. It went into contract to sell the property to a joint venture between Nightingale, Wafra and Ashkenazy Acquisition Corp. for $907 million in May, with the sale closing in August, according to property records. The property's tenants include investment bank Allen & Co.

Nightingale will remain property manager of the building, the sources said.

Wafra and Nightingale could not immediately be reached for comment, while SHVO and partners declined to comment, according to the Sept. 26 report.