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SL Green’s partners in 521 Fifth are shopping their stake

Sources said the 500K sf office tower is worth $450M

521 Fifth Avenue, Jeff Jacobson and Jean Claude Basto
521 Fifth Avenue, Jeff Jacobson and Jean Claude Basto

A joint venture between LaSalle Investment Management and Quantum Global Real Estate has put its stake in a nearly 500,000-square-foot Fifth Avenue office tower on the market, as part of a push to sell $1.8 billion in global real estate.

The partnership, known as Plaza Global Real Estate Partners, holds a 49.5 percent stake in 521 Fifth Avenue, which it co-owns with SL Green Realty. The 38-story, 495,600-square-foot property, located at the corner of East 43rd Street, is valued at $450 million, according to sources familiar with the building.

The building is part of the “Compass portfolio,” a four-building, 1.3 million-square-foot package that is all available for sale. The other office properties are 23 Savile Row in London, Tour Blanche in Paris, and Atrium in Munich.

CoStar first reported on the larger portfolio.

As the firms’ sales efforts launch globally, the plans may hit a snag. Angola’s $5 billion sovereign wealth fund said Friday it is removing Swiss-based Quantum Global as its asset manager amid concerns over investment strategy, Reuters reported. Quantum invests on behalf of the Angolan Central Bank.

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SL Green sold the stake in 521 Fifth Avenue to Plaza Global for $72 million in 2012.

The building is 94 percent leased, with tenants such as the commercial brokerage RKF, broker-dealer KGS-Alpha Capital Markets and China Trust Bank.

A JLL team led by Anthony Ledesma, Mo Beler, Glenn Tolchin and Yoav Oelsner is marketing the New York property stake. The team is also brokering Savanna’s $640 million purchase of 5 Bryant Park. (Chicago-based asset manager LaSalle Investment Management is an independent subsidiary of JLL.)

The brokers declined to comment, as did the sellers.

Elsewhere on Fifth Avenue, SL Green is showing 609 Fifth Avenue to prospective buyers and Vornado Realty Trust made a “handshake” deal to sell its 49.5 percent stake in 666 Fifth Avenue to partner Kushner Companies.

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