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Acquisitions

Savanna buys 521 Fifth Avenue for $381M

SL Green, LaSalle and Quantum are the sellers

521 Fifth Avenue (Credit: Google Maps)

Savanna has entered into contract to acquire 521 Fifth Avenue from SL Green and Plaza Global Real Estate Partners (AKA LaSalle + Quantum) for $381 million. The Midtown East office property spans 460,000 SF, and is around 96 percent leased.

Ownership breakdown: SL Green owns a 50.5 percent stake in the building, while LaSalle and Quantum own the remaining 49.5 percent.

Office tenants include: China Trust Commercial Bank and Berkadia Real Estate Advisors. The ground-floor retail space is occupied by Urban Outfitters and Equinox.

Discounted shares: SL Green expanded its share buyback program to $1.5 billion in December. The REIT believes its stock price is undervalued relative to its assets and continues to buy its own shares from the marketplace.

Flashback: SL Green acquired the leasehold interest in March 2006, and gained complete ownership in April 2011, the company mentioned in a press release. The JV subsequently paid $72 million for their stake in 2012. TRD noted.

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