May 29, 2019
Savanna has acquired 521 Fifth Ave., a 498,711-square-foot office and retail building, for $381 million. The owner/operator also announced a capital improvement and leasing campaign at the 39-story mixed-use tower.
“521 Fifth Avenue’s location, a block from Grand Central, makes it a perfect fit for our growing Midtown office portfolio,” said Savanna’s Andrew Fichte. “After we make a few select cosmetic improvements, including a lobby renovation, we believe this property will be well-positioned for a successful leasing campaign.”
Savanna acquired the property from a joint venture led by SL Green Realty Corp. CBRE’s Bill Shanahan, Darcy Stacom, David Fowler and Doug Middleton represented the sellers.
Savanna has engaged a CBRE team led by Peter Turchin and David Hollander as leasing agents.
CBRE’s James Million, Ethan Gottlieb and Tom Traynor arranged financing for the acquisition. Hunton Andrews Kurth’s Laurie Grasso, Susan Saslow, Douglas Hoffmann and Michal Baum provided legal counsel.
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