March 29, 2019
A joint venture of SL Green Realty Corp. and an institutional investment partner has agreed to sell 521 Fifth Ave. to Savanna for $381 million. The sale of the 39-story, 460,000-square-foot Midtown office property is expected to close in the second quarter.
The sale is expected to generate net cash proceeds to SL Green of approximately $100 million. SL Green holds 50.5% of the partnership.
“This transaction demonstrates the strong demand for quality assets in East Midtown, Manhattan’s preeminent business district,” said Isaac Zion, co-CIO at SL Green. “We saw incredible interest in this property from numerous investors.”
The REIT acquired the leasehold interest in 521 Fifth in March 2006 and took ownership of the fee interest five years later. It sold a 49.5% stake in the property in late 2012.
CBRE’s Darcy Stacom and Bill Shanahan—two of this year’s Top Broker Award winners—represented the JV.
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