Savanna acquired 521 Fifth Avenue, a 498,711 sq ft Manhattan office and retail building, for $381m. The sellers were SL Green Realty Corporation and Plaza Global Real Estate Partners, a venture between Quantum Global Real Estate and LaSalle Investment Management. Built in 1929, the new owner intends to upgrade 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 Andrew Fichte, managing director of Savanna. “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.”
