JV Makes $212M NYC Buy

NEW YORK CITY-SL Green Realty Corp. has been active on both the buy and sell side again, now with a variety of properties sprinkled throughout Midtown Manhattan. In a deal with an all-in value of $212 million, the REIT has shaken hands with Jeff Sutton on co-ownership of 609 Fifth Ave. for $182 million and purchased a fee interest in joint venture with him in 25-27 and 29 W. 34th St. Valued at $30 million, the two 34th buildings deliver 51,000 sf to the Green portfolio. The two previous owners of the 34th Street assets were not disclosed.

A 150,000-sf office/retail asset, 609 Fifth is home to the American Girl store, which is responsible for more than 50% of the asset’s income. On the office side, it’s also home to Shelby Collum Davis, Reebok International and former owner DZ Bank. DZ, a German financial institution, sold the property to a venture comprised of Sutton and Blackstone in 2002. The price was $65 million, according to sources. Currently, the Rockefeller Center property is nearly full, and the American Girl lease is solid until 2018.