{"id":1004312537,"date":"2019-03-28T06:54:16","date_gmt":"2019-03-28T14:54:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004312537"},"modified":"2019-03-28T07:43:15","modified_gmt":"2019-03-28T15:43:15","slug":"sl-green-sells-manhattan-tower-to-savanna-for-381m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-manhattan-tower-to-savanna-for-381m\/","title":{"rendered":"SL Green Sells Manhattan Tower to Savanna for $381M"},"content":{"rendered":"
\"\"<\/a>

521 Fifth Avenue<\/p><\/div>\n

SL Green, the largest office landlord in New York City, has sold 521 Fifth Ave., to Savanna for $381 million, the company announced today. SL Green owned a 50.5 percent stake in the 460,000-square-foot Midtown office property. The transaction is expected to close in the second quarter of this year.<\/p>\n

Built in 1929, the 39-story Class A office tower is 96 percent leased with tenants including China Trust Commercial Bank and Berkadia Real Estate Advisors. The property also includes 20,000 square feet of street-level retail.<\/p>\n

After acquiring the leasehold interest in the property in 2006, SL Green took ownership of the fee interest in 2011 for $225 million. By 2012, the company sold a 49.5 percent minority stake in the office tower to Plaza Global Real Estate Partners, a joint venture between LaSalle Investment Management and Quantum Global Real Estate.<\/p>\n

Darcy Stacom and Bill Shanahan of CBRE represented SL Green in the deal.<\/p>\n

“This transaction demonstrates the strong demand for quality assets in East Midtown, Manhattan\u2019s preeminent business district,\u201d <\/em>said Isaac Zion, co-chief investment officer at SL Green, in prepared remarks. \u201cWe saw incredible interest in this property from numerous investors.\u201d<\/em><\/p>\n

Last December, SL Green upped its investment<\/a> in 245 Park Ave., a Manhattan office property, to $148 million. The same month, the office landlord entered the Hudson Yards neighborhood<\/a> with the purchase of a $40 million office asset on West 34th<\/sup> Street.<\/p>\n

The Manhattan purchase by Savanna comes not long after the company was left in the lurch<\/a> following Amazon\u2019s reversal on its Long Island City, Queens, HQ2 plan. Savanna is still looking for a tenant to fill the 1 million-square-foot vacancy at the One Court Square property.<\/p>\n","protected":false},"excerpt":{"rendered":"

New York City\u2019s largest office landlord has owned the 39-story office property since 2011. The transaction is expected to close in the second quarter of 2019.<\/p>\n","protected":false},"author":745,"featured_media":1004049099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1600,21742,10,21747],"tags":[44951,32789,42665,38018,32895],"class_list":["post-1004312537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-bill-shanahan","tag-cbre","tag-darcy-stacom","tag-savanna","tag-sl-green-realty-corporation"],"acf":[],"yoast_head":"\nSL Green Sells Manhattan Tower to Savanna for $381M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sl-green-sells-manhattan-tower-to-savanna-for-381m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SL Green Sells Manhattan Tower to Savanna for $381M\" \/>\n<meta property=\"og:description\" content=\"New York City\u2019s largest office landlord has owned the 39-story office property since 2011. 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