In one of the largest building deals after Sept. 11, 2001, SL Green acquired the 56-story, class A office for $480 million in 2002. The locally based REIT purchased it in a joint venture with SITQ Immobilier, with Green holding a 55% majority stake. Toward that initial purchase, Lehman Brothers and Bear Stearns kicked in $335 million of financing, while the rest was covered by unsecured credit and from the proceeds of the joint venture interest sale to SITQ.

Viacom, whose holdings include franchise brands CBS, MTV Networks, Paramount Pictures, Showtime and Infinity Broadcasting, is SL Green's largest tenant occupying more than 1.3 millions sf at the site—taking up roughly 89% of the office space. Currently office space is advertised at a range of $48 to $50 per sf. The site, between West 44th and 45th streets, also has approximately 166,000 sf in retail and theatre space. In addition to MTV, it's the home of the Minskoff Theatre. Retail space is advertised at $550 per sf.

Sonnenblick-Goldman's financing team was led by Morton Holliday, managing director, with Mark Ehlinger, director; Alex Hernandez, senior associate; and Peter Hopkins, analyst. "1515 Broadway's ideal location, credit quality of its tenant roster and extremely strong sponsorship created great interest within the financial community," says Holliday.