SL Green Acquires Midtown Office for $67M

NEW YORK CITY-Midtown is once again proving to be a popular trading post as SL Green Realty Corp. picks up 19 West 44th St. for $67 million. The deal with EBS Forty Fourth Property Associates LLC, which is expected sometime this month, carries potential additional consideration of up to $2 million based on the property’s performance.

According to Andrew Mathias, SL Green’s chief investment officer, the firm was attracted to the 292,000-sf office building located between Fifth Avenue and Avenue of the Americas because they had previously owned property on the same street and were aware of its potential. “It’s a unique block,” he tells GlobeSt.com. “With the university clubs and the Royalton, it’s more like an avenue than a side street.”

Marc Holliday, SL Green’s president and CEO, notes that the privately negotiated transaction is another example of the company’s ability to source acquisitions through its structured finance program. “This transaction evidences our commitment to pursue properties where we can enhance value over time with our management, leasing and redevelopment expertise.”