Home Featured SL Green to Sell Fee Interest at Major NY Building

SL Green to Sell Fee Interest at Major NY Building

442
SHARE

New York City-based SL Green Realty Corp. recently reached an agreement to sell the fee interest at 635 Madison Ave. for a sales price of $151 million. The transaction is expected to be completed during the third quarter of 2018.

According to a prepared statement, SL Green purchased the fee interest in 2014 for $145 million. SL Green was represented by Adam Spies and Doug Harmon of Cushman & Wakefield in the transaction.

SL Green Realty Corp. is New York City’s largest office landlord and is a fully integrated real estate investment trust.

In other company news, the firm recently was the successful bidder for the leasehold interest at 2 Herald Square, at the foreclosure of the asset. The company also reached an agreement to joint venture the asset with an Israeli-based institutional investor, subsequent to closing on the acquisition.

Located on a prime corner of Herald Square (the intersection of Sixth Avenue, Broadway, and 34th Street), 2 Herald is a 369,000 square foot office and retail asset in one of Manhattan’s busiest submarkets.

Also recently in the news, it recently signed Coty Inc., one of the world’s preeminent beauty conglomerates, has signed a 10-year, 10,040-square-foot lease at 719 Seventh Ave., now known as 30 Times Square, the retail flagship development that SL Green completed in 2017. Coty is expected to take possession of the property in July 2018.