Savanna announced two new leases and a lease extension and expansion totaling 30,300 square feet at 521 Fifth Ave., a 498,711-square-foot, 39-story office building 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.
Arevon Energy, an energy renewable company, signed for 6,700 square feet of office space comprising the entire 34th floor. Joseph Genovesi and Christina Bicks with Savills represented the tenant in the transaction.
Texa Technologies, a global quantitative investment firm, signed an 8,600-square-foot lease for the entire 22nd floor. Savanna will build the space to the newly designed 521 Fifth office standard. Matthew Lorberbaum and Cooper Weisman with Newmark represented the tenant in the transaction.
Commercial real estate company Berkadia relocated to the entire 16th floor with a new 15,000-square-foot lease and extension. Clark Finney and Andrew F. Coe with JLL represented the tenant in the transaction.
“The steady leasing activity at 521 Fifth Avenue with a variety of tenants is a testament to the building’s wide-ranging appeal,” said Kerry Powers, director at Savanna. “We have made substantial investments to enhance 521 Fifth Avenue and the new amenities and fresh energy of the building have been driving the recent success we have been seeing in terms of new leases and tenant retention. The property offers everything businesses look for in a Midtown office property, including an excellent location near Grand Central Station, and we expect interest to remain strong for the future.”
Savanna acquired 521 Fifth Avenue in May 2019 and began a $4.0 million capital improvement plan and building refresh that included an interior and façade renovation overseen by architecture firm Fogarty Finger. SavCon, Savanna’s in-house construction and project management firm, built the space.
