Savanna chases sale at 521 Fifth Ave to avoid foreclosure

If Savanna’s stewardship of 521 Fifth Avenue is at an end, the firm is determined to go out on its own terms. The office investor is working towards a sale of the 500,000-square-foot property near Grand Central Terminal, Bisnow reported. Debt special servicer LNR Partners is collaborating on the sale process, which would help Savanna duck a foreclosure that’s at least a year in the making. LNR declined to comment to the outlet, while Savanna did not respond to a request for comment. Savanna’s been in trouble at 521 Fifth Avenue since last November, when Wells Fargo — acting as […] This article originally appeared on The Real Deal. Click here to read the full story.