Last week, SL Green announced it has agreed to sell 521 Fifth Avenue to Savanna for $381 million. New York City’s largest office landlord owns a 50.5 percent in the 460,000-square-foot Midtown Manhattan office building. The deal is expected to close in the second quarter this year.

Conveniently located in the proximity of Bryant Park and The New York Public Library, 521 Fifth Avenue is a 39-story office tower built in 1929. The property features 20,000 square feet of street-level retail. It is currently 96 percent leased, tenants including Chinatrust Commercial Bank, KGS Capital Markets and Urban Outfitters.

521 Fifth Avenue
521 5th Ave. (PropertyShark)

SL Green purchased the property for $225 million in 2011. In 2012, it sold a 49.5 percent minority stake in the building to a joint venture between LaSalle Investment Management and Quantum Global Real Estate for $72 million.

“This transaction demonstrates the strong demand for quality assets in East Midtown, Manhattan’s preeminent business district,” said Isaac Zion, SL Green’s Co-Chief Investment Officer. “We saw incredible interest in this property from numerous investors.”

CBRE’s Darcy Stacom and Bill Shanahan represented the sellers in the transaction.

Alexandra Farcas

Alexandra Farcas

Alexandra is a staff writer and communications specialist at CommercialCafe, covering commercial real estate trends, news and tips. Her work can also be found on the PropertyShark blog, where she usually writes about the latest office deals. Alexandra’s articles have been featured by Bustle, NBC Washington, Thrive Global, the Boston Business Journal, The Durst Organization, Philly Mag, HR Dive.