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BIG GREEN SPENDER; THE DEAL SHEET

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BIG GREEN SPENDER; THE DEAL SHEET
SL Green’s dishing out the green, purchasing City Investment Fund’s 49.9% interest in 521 Fifth Ave and assuming full ownership of the building.
521 Fifth Ave, New York, NY
Although an acquisition price was not disclosed, the transaction values the consolidated interests at nearly $246M. SL Green bought the 490k SF building with CIF in ’06, and the partners subsequently invested $27M to reposition the asset, including improving the building’s infrastructure and curb appeal, and adding of a big block retail space on Fifth Avenue. One of the property’s most recent leasing successes was the addition of Urban Outfitters. This was only one building in the JV platform; the firms also partnered for 19 W 44th St and 485 Lexington Ave.