PE fund Ardian buys 60% stake from Kering at 717 Fifth retail, office, valued at $900M

Ardian through the entity Ganymede JV, LP acquired a 60 percent interest from Kering through the entity Kering Americas, Inc. in two condominiums, one retail and one office, at 717 Fifth Avenue in Midtown East, Manhattan, which are valued at $900 million.

The Real Deal reported on the sale earlier this month.

In this transaction, Kering and Ardian formed a new joint venture with Ardian owning 60 percent, and Kering 40 percent. Simultaneously, with the sale, Kering as a tenant signed a lease with the new joint venture as landlord, for up to 49 years. In addition, the new joint venture obtained a $450 million loan from Credit Agricole. The result of the new joint venture sale and the financing, netted Kering approximately $690 million on the transaction, the firm reported in a press release. It paid $963 million to Jeff Sutton’s Wharton Properties in January 2024 for the condos, and Kering had not taken out debt on the property since then.
The deal closed on December 15, 2025 and was recorded on December 22, 2025. The two properties have 103,962 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $8,657 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Kering was Laura Hansell . The signatory for Ardian was Alfred Miranda.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Ardian had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kering purchased two properties in one transaction for a total of $963 million and had not sold any properties over the same time period.

The property

The retail condo in Midtown East has 103,962 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 80,834 square feet. The city-designated market value for the property in 2022 is $220.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.9 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 17.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 28 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On the tax block of 717 5th Avenue, PincusCo has identified the owners of seven of the eight commercial properties representing 1,946,349 square feet of the 2,316,136 square feet. The largest owner is Hessen Lawyers Pension Fund, followed by Rxr Realty and then Blackstone Group.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 2.3 million square feet of built space are office buildings, with mixed-use buildings next occupying 0 percent of the space.

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