La Solana Corp. Agrees to Buy 41-Story Building in Manhattan

La Solana Corp., the U.S. arm of Sumitomo Realty & Development Co. of Tokyo, has agreed to purchase a 41-story Manhattan office building for approximately $500 million.

Irvine-based La Solana agreed to pay $365 a square foot, described as “top dollar” by a Manhattan real estate broker, to acquire the building at 666 5th Ave. from Integrated Resources Inc., a financial services company, and Cohen Brothers Realty Corp., both based in New York.

Cohen Brothers owns the property, and Integrated Resources bought a long-term leasehold on the building a year ago for $320 million.

Acquisition of the premier high-rise office building reflects the decision of La Solana’s Japanese corporate parent to press into commercial real estate investments in the United States.

Since La Solana was established as a U.S. subsidiary in 1972, it has concentrated on residential development, building about 200 homes a year.

But in 1984, La Solana began buying existing real estate properties in the United States as investments, starting with the $32-million purchase of another Manhattan property and the acquisition of a building in the nation’s capital.