NEW YORK—In a deal slated to close before year’s end, SL Green Realty Corp. has reached an agreement to sell a 49.5 percent equity interest in 521 Fifth Ave. for $72 million to a joint venture between Quantum Global Real Estate and LaSalle Investment Management, Plaza Global Real Estate Partners. Eastdil Secured represented SL Green in the pending transaction.
SL Green initially acquired the property in a joint venture partnership in 2006 and then took full ownership in 2011.
“The partial sale unlocks proceeds we intend to use to fuel our continued growth and allows us to benefit from the potential of this well located, top-quality asset,” said Andrew Mathias, president of SL Green. “We look forward to continuing our successful track record of building value for joint venture partners with Quantum Global and LaSalle.”
This transaction represents LaSalle’s first New York City investment and is subject to closing conditions.