A joint venture between SL Green Realty Corp. and an institutional investment partner, entered into an agreement to sell 521 Fifth Avenue to Savanna.
The 39-story, 460,000-square-foot Midtown Manhattan office building will be sold for a gross sales price of $381 million.
This transaction is expected to close in the second quarter of 2019, subject to customary closing conditions.
“This transaction demonstrates the strong demand for quality assets in East Midtown, Manhattan’s preeminent business district,” Isaac Zion, SL Green’s co-chief investment officer. “We saw incredible interest in this property from numerous investors.”
SL Green acquired the leasehold interest in the property in March 2006 and subsequently took ownership of the fee interest in April 2011 before entering into a joint venture with an institutional investment partner in the fourth quarter of 2012.
