Quantum Global and LaSalle target New York with second acquisition
Plaza Global Real Estate Partners, a joint venture between Quantum Global Real Estate and LaSalle Investment Management, has contracted to purchase a 49.5 per cent interest in 521 Fifth Avenue from SL Green Realty.
This is the second acquisition Plaza has made since it was formed earlier in the year to invest in large real estate assets around the globe.
With leverage, Plaza has USD1bn gross of initial buying power and targets quality long-term investments in excess of USD100m located in the world’s premier real estate markets.
521 Fifth Avenue is a prestigious office building with retail accommodation on ground and first floors, located on the northeast corner of Fifth Avenue and East 43rd Street in New York. This comes just months after Plaza made its first acquisition: 23 Savile Row in Mayfair, one of the best prime office buildings in the West End of London.
Antoine Castro, managing director at Quantum Global Real Estate, says: “This reinforces Plaza’s commitment to buying core properties in leading locations. It also underlines our strategy to acquire value-preserving premium assets. We are enthusiastic about partnering with New York’s premier office landlord in this iconic property.”
Simon Marrison, Europe chief executive, LaSalle Investment Management, says: “521 Fifth Avenue is the perfect example of a long-term quality investment in a major market and meets the expectations for our portfolio. We are extremely pleased to be partnering with SL Green in the ownership of this property going forward.”