Fund: Plaza Global Real Estate Partners
Purchase Date: November 2012 (49.5% interest)
Location: Midtown, New York (USA)
Investment Type: Office/Retail
Year Built: 1929 / Year refurbished: 2006
Leasable area: 459,850 sft (42,721 sqm)
521 Fifth Avenue is a prestigious 39-storey office building with retail accommodation on ground and first floors, located on the northeast corner of Fifth Avenue and East 43rd Street in New York.
The asset provided the opportunity to enter into a 49.5% joint venture with SL Green, New York City’s largest office landlord and the only fully integrated REIT focused primarily on acquiring and managing Manhattan commercial properties.
While the property’s exceptional access to transportation is attractive to office tenants (the building is located 2 blocks from Grand Central Terminal), the Fifth Avenue address is also highly desirable to high-end retailers.
The property is multi-let to a diversified mix of occupiers from a wide range of industries, with the retail accommodation currently occupied by Urban Outfitters.