Real estate private equity and asset management firm Savanna has sold its leasehold on its 72,000-square-foot office building at 576 Fifth Avenue to Michael Miller, Brandon Miller and Mark Seigel of Real Estate Equities Corp, Commercial Observer has learned.
The property, which was sold for an undisclosed amount, sits on the corner of Fifth Avenue and East 47th Street in Midtown’s Diamond District. Today, there is a jewelry exchange on the ground floor and office space on the upper floors of the 11-story building, constructed in 1907.
“We’re very bullish on the Fifth Avenue corridor between 42nd and 49th Streets,” said Mr. Seigel.
Real Estate Equities was established in 1978 and is a buyer of multi-family and commercial real estate in the Northeast and South Florida. It has recently sold 375 West Broadway and 461 West 14th Street, the latter of which was sold to Savanna.
JLL’s Yoron Cohen, Richard Baxter, Jon Caplan, Scott Latham and Jason Gold represented Savanna in negotiations. JLL did not immediately respond to a request for comment. Real Estate Equities Corp. was represented in-house.
“Savanna’s capital work, combined with the property’s prime corner location in one of the world’s most highly trafficked corridors, have positioned 576 Fifth Avenue as a premiere office and retail building,” said Nicholas Bienstock, the managing partner of Savanna, in prepared remarks. “Tenants benefit from a newly improved property located at the heart of a district with numerous amenities, attractions and transportation options.”
In 2012, CO wrote about Savanna taking control of the leasehold at the property from Western Management. Since Savanna acquired the property, it has stabilized the tenancy and has made a number of capital improvements to the building.