{"id":34953,"date":"2019-04-01T16:02:04","date_gmt":"2019-04-01T13:02:04","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=34953"},"modified":"2019-04-01T16:02:04","modified_gmt":"2019-04-01T13:02:04","slug":"savanna-nabs-sl-greens-521-fifth-avenue-for-381m","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2019\/04\/01\/savanna-nabs-sl-greens-521-fifth-avenue-for-381m\/","title":{"rendered":"Savanna Nabs SL Green\u2019s 521 Fifth Avenue for $381M"},"content":{"rendered":"

Last week, SL Green announced it has agreed to sell 521 Fifth Avenue<\/a> to Savanna for $381 million. New York City\u2019s largest office landlord owns a 50.5 percent in the 460,000-square-foot Midtown Manhattan office building<\/a>. The deal is expected to close in the second quarter this year.<\/p>\n

Conveniently located in the proximity of Bryant Park and The New York Public Library, 521 Fifth Avenue<\/a> 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.<\/p>\n

\"521<\/a>

521 5th Ave. (PropertyShark)<\/p><\/div>\n

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.<\/p>\n

\u201cThis transaction demonstrates the strong demand for quality assets in East Midtown, Manhattan\u2019s preeminent business district,\u201d said Isaac Zion, SL Green\u2019s Co-Chief Investment Officer. \u201cWe saw incredible interest in this property from numerous investors.\u201d<\/p>\n

CBRE\u2019s Darcy Stacom and Bill Shanahan represented the sellers in the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week, SL Green announced it has agreed to sell 521 Fifth Avenue to Savanna for $381 million. New York City\u2019s 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…<\/p>\n","protected":false},"author":61,"featured_media":34955,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89,376],"tags":[],"class_list":["post-34953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manhattan-real-estate","category-new-york-commercial-real-estate"],"yoast_head":"\nSavanna Nabs SL Green\u2019s 521 Fifth Avenue for $381M - PropertyShark Real Estate Blog<\/title>\n<meta name=\"description\" content=\"SL Green announced it has agreed to sell 521 Fifth Avenue to Savanna for $381 million. 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