CBRE secures 23,517 s/f on behalf of Savanna at 521 Fifth Ave.

September 27, 2022 - Brokerage

Manhattan, NY Savanna, a NYC-based real estate investment manager, owner/operator and developer, announced two new leases totaling 23,517 s/f at 521 Fifth Ave., the 498,711 s/f, 39-story office building located on the corner of 43^rd St. and Fifth Ave. near Grand Central Station.

A CBRE team of Peter Turchin, David Hollander, Tim Freydberg and Ben Joseph arranged the new leases on behalf of Savanna, which include the following:

A 17,538 s/f, ten-year lease on the prebuilt 14^th floor for GenPact, a global professional services firm. Barbara Winter and Lisa Kiell with JLL represented the tenant in the transaction.
A 5,979 s/f, nine-year lease on the 37^th floor for Tethys Technology, an independent provider of financial software and algorithmic trading research for the financial services industry. Barry Spagna and Robert Stella with Cresa represented the tenant in the transaction.

“The robust leasing and increased occupancy at 521 Fifth Ave. is further proof of its value as an asset and desirability as a Manhattan business address,” said Kerry Powers, director at Savanna. “With its location and new amenities added through our capital improvement program, 521 Fifth Ave. 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 Ave. has remained strong with several closed transactions throughout 2022, including a 6,700 s/f lease on the 34^th floor with Arevon Energy, an 8,600 s/f lease on the 22^nd floor with Teza Technologies, and a 15,000 s/f lease and extension with Berkadia on the 16^th floor. The building has various sized availabilities ranging from 6,000 s/f to two contiguous blocks of 45,000 s/f in the base of the building, including a brand new pre-built on the entire 10^th floor (21,000 s/f) designed by architecture firm Fogarty Finger.

Savanna acquired 521 Fifth Ave. in May 2019 and transformed the aging office asset into a revitalized, class A, tenant friendly property through a $4 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 s/f of space at 521 Fifth Ave.

The classic art-deco building offers prebuilt options, as well as build-to-suit space, which adhere to Savanna’s high-end design standard with flexible floor plates from 22,000 s/f at the base to 6,580 s/f 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 Ave. location is just steps away from Grand Central Station and Bryant Park, putting 521 Fifth Ave. 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.

The property renovation also features a recently completed lobby that reimagines the typical office building entrance into a unique gathering spot for tenants to meet and exchange ideas. The redesigned lobby is now a modern but cozy space with an interior cafe as well as a coffee/wine bar branded as Coffee at 521 by 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 Niesche as well as a waved wall that adds a contemporary touch to the overall aesthetic. 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 s/f, full-floor prebuilt space available on the 10^th floor featuring oak wood floors, a niche library with banquet seating and large pantry area,” said Benjamin Joseph, vice president with CBRE. “We expect leasing activity to continue for the rest of the year as interest in 521 Fifth Ave. 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.”