720 Fifth Avenue is a 16-story, 115,000 square-foot office building located on the northwest corner of Fifth Avenue and 56th Street, in the heart of Manhattan's world-renowned Midtown shopping district. At the time of the transaction, Fendi, an international company principally involved in the design, creation, and distribution of luxury goods such as furs, clothing, leather goods, footwear, and accessories, had its flagship store on the basement, ground, and second floors of the building.

Wells Hill was retained by the building's owner, 720 Fifth Avenue Associates, to analyze various approaches and ultimately execute a recapitalization of the asset. After exploring several options, including a sale of the property, Wells Hill negotiated a complex, 30-year, master lease of the building to a retail-oriented investor whose plan was to reposition the asset mainly from a retail perspective. As a result of the transaction, the owner was able to recapitalize the property and achieve its goals of relinquishing management oversight and long-term estate planning.

Several principals of 720 Fifth Avenue Associates have engaged Wells Hill on subsequent assignments.