NEW YORK CITY—SL Green Realty Corporation is selling the office building at 521 Fifth Ave. for a gross sales price of $381 million to Savanna, a New York City-based real estate investment firm. The sale is expected to generate net cash proceeds to SL Green of approximately $100 million. The transaction is expected to close in the second quarter of 2019.
SL Green owns a 50.5% interest in the joint venture. 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.
The 39-story, 460,000-square-foot Midtown Manhattan office building is located between E. 43rd and E. 44th streets.
“This transaction demonstrates the strong demand for quality assets in East Midtown, Manhattan’s preeminent business district. We saw incredible interest in this property from numerous investors,” says SL Green’s co-chief investment officer, Isaac Zion.
CBRE’s Darcy Stacom and Bill Shanahan represented the sellers in the transaction.