Savanna, a New York City-based real estate investment manager, owner/operator and developer, announced two new leases totaling 23,517square feet at 521 Fifth Avenue,the 498,711-square-foot, 39-storyManhattan office building located on the corner of 43rd Street and Fifth Avenuenear Grand Central Station.
A CBRE team of Peter Turchin, David Hollander, Tim Freydberg and Ben Josepharranged the new leases on behalf of Savanna, which include the following:
- A 17,538-square-foot, ten-yearlease on the prebuilt 14th floor forGenPact,a global professional services firm. Barbara Winter and Lisa Kiell with JLLrepresented the tenant in the transaction.
- A5,979-square-foot, nine-year lease on the 37th floor for Tethys Technology,an independentprovider of financial software and algorithmic trading research for the financial services industry.Barry Spagna and Robert Stella with Cresarepresented the tenant in the transaction.
“The robust leasing and increased occupancy at 521 Fifth Avenue is further proof of its value as an asset and desirability as a Manhattan business address,” said Kerry Powers, Director at Savanna. “Withits location and new amenities added through ourcapital improvement program, 521 Fifth Avenue remains one of the most sought-after properties for Midtown office space and we expect demand to continue at the building for the foreseeable future.”
Leasing at 521 Fifth Avenue has remained strong with several closed transactions throughout 2022, including a 6,700-square-foot lease on the 34th floor with Arevon Energy, an 8,600-square-foot lease on the 22ndfloor with Teza Technologies, and a 15,000-sqaure-foot lease and extension with Berkadia onthe16thfloor. The building has various sized availabilities ranging from 6,000 square feet to two contiguous blocks of 45,000 square feet in the base of the building, including a brand new pre-built on the entire 10th floor (21,000 SF) designed byarchitecture firm Fogarty Finger.
Savanna acquired 521 Fifth Avenue in May 2019 and transformed the aging office asset into a revitalized, Class-A, tenant friendly property through a $4.0 million capital improvement plan and building refresh that included an interior and façade renovation overseen by Fogarty Finger.SavCon, Savanna’s in-house construction and project management firm, built the space. Since first purchasing the building, Savanna has leased over 100,000 square feet of space at 521 Fifth Avenue.
The classic art-deco building offers prebuilt options, as well as build-to-suit space,which adhere to Savanna’s high-end design standardwith flexible floor plates from 22,000 square feet at the base to 6,580 square feet in the tower.The building currently has additional full floors, with terrace options, available for lease.
The LEED Gold Certified, WELL Health & Safety Certified, and Energy Star rated property follows all COVID safety measures.Windows on all three sides also boasts an abundance of natural light for tenants. Additionally, the building’s prime Fifth Avenue location is just steps away from Grand Central Station and Bryant Park, putting 521 Fifth Avenue at the intersection of New York City commerce and culture. The hustle and bustle along this midtown corridor reflect the city’s endless energy and diversity, providing inspiration to a new way of working.
Theproperty renovation also features a recently completed lobby that reimaginesthe typical office building entrance into a unique gathering spotfortenants to meet and exchange ideas. The redesigned lobby is now a modern but cozy space with an interior cafeas well as a coffee/wine barbranded as Coffee at 521by Breads Bakery, featuring the bakery’s renowned pastries and sandwiches in addition to a best-in-class coffee program. The lobby also features commissioned artwork from renowned Australian artist Johnny Niescheas well as a waved wall that adds a contemporary touch to the overallaesthetic.Other completed renovations include new signage, selective systems upgrades, common corridor work and other redesigns throughout the building.
“In addition to the recent leasing success at the building, Savanna and CBRE are also excited to market the newly completed 22,000-square-foot, full-floor prebuilt space available on the 10th floor featuring oak wood floors, a niche library with banquet seating and large pantry area,” added Benjamin Joseph, Vice President with CBRE. “We expect leasing activity to continue for the rest of the year as interest in 521 Fifth Avenue remains strong – it’s also gratifying to speak with current tenants who love the many property improvements and additions to the building, especially the new Breads Bakery café in the lobby.”
About Savanna
Savanna, formed in 1992, is a vertically-integrated real estate investment manager based in New York City and focused on strategic property investments throughout the City’s five boroughs. The firm pursues real estate equity and debt investments, including ground-up development and major repositioning projects. Savanna’s equity investments target value add/opportunistic returns by adding value through asset management and/or property development, redevelopment, and repositioning, deploying a team of more than 50 experienced investment, asset management, construction, and leasing professionals. Savanna also selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including preferred equity instruments, high yield bridge and mezzanine loans, and B-notes. Since 2006, Savanna has invested over $5 billion in total capital across approximately 17 million square feet of real property.
