Takenaka Acquires Andaz 5th Avenue

Takenaka Corporation, one of the largest architecture, engineering and construction companies in Japan, has completed today its acquisition of Andaz 5th Avenue, a boutique hotel property located in the fashionable Bryant Park area of Midtown Manhattan, from an affiliate of Hyatt Hotels Corporation. The hotel will continue to be managed by Hyatt and operated under Hyatt’s Andaz brand pursuant to a long term management agreement. The hotel sits across from the iconic New York Public Library, is steps away from Grand Central Terminal and Times Square, and boasts spectacular views of the Empire State Building. The 485 Fifth Avenue location was the last Rogers, Peet & Co. department store built in 1914, later became the Tommy Hilfiger global headquarters, and opened as the second Andaz property in New York in 2010. The brick and limestone exterior is reminiscent of the industrial era, while the interior, created by the world-renowned hospitality designer Tony Chi, was inspired by pre-war loft apartments featuring floor-to-ceiling windows, exposed pipe ceilings and residential style furnishings. The hotel includes 184 guest rooms (including 42 hotel suites), a full-service restaurant on the ground floor, a popular bar in the cellar, and an open-air courtyard adjacent to expansive meeting and event space.

Takenaka Corporation’s real estate portfolio includes commercial, residential, and hotel assets in Japan, London, New York, San Francisco and Hawaii.