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.
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.