David Werner Buys 49% Stake in Fisher Brothers' 605 Third Avenue

David Werner has bought a 49% stake in 605 Third Avenue, the 43-story Midtown East office tower that Fisher Brothers has controlled since buying out J.P. Morgan Asset Management’s half of the property earlier this year, according to Commercial Observer.

Why it matters

Commercial Observer reported that Werner is now Fisher Brothers’ partner in the roughly 1 million square foot tower, with Fisher Brothers remaining the majority owner at 51 percent. The outlet, citing a source close to the deal, said Werner has no plans to convert the office building and intends to hold it as a Midtown East office asset, a notable vote of confidence in a corridor that lost a prior owner’s financial partner within the same year. Neither Fisher Brothers nor Werner commented for the Commercial Observer story, and the price Werner paid was not disclosed. Werner has been active elsewhere in Manhattan office and conversion deals this year, including a recapitalization at 100 Wall Street covered by The American Developer.

The numbers

J.P. Morgan Asset Management had sought to sell its 49% stake at a $425M valuation back in July, per Commercial Observer’s reporting, before that stake passed to Fisher Brothers and then on to Werner. The building carries $400M in debt against a current appraisal of $300M, a gap that reflects how far office tower valuations in Midtown East have fallen from their pre-pandemic marks. The tower spans 43 stories and about 1 million square feet.

What’s next

The American Developer will track whether Werner’s stake purchase draws additional capital partners into 605 Third Avenue or signals a broader bet on Midtown East office towers holding their value. More Manhattan office and capital markets coverage is at the New York market hub.