The office on the Northeast corner of Avenue of the Americas and 44th Street was acquired in 1997 as part of the company's initial public offering. It is subject to a ground lease with an initial maturity of 2016.
The site is 98.6% occupied. The tenant roster includes law firm White & Case, MHP Holdings and Solomon Page Group.
The closing is expected to happen in the third quarter. The CB Richard Ellis team of Darcy Stacom, vice chairman and partner, and William Shanahan, vice chairman and partner, acted as exclusive agents for SL Green.
"The dynamics of the Midtown Manhattan sales market have enabled us to realize substantial gains on our non-core investments," says Andrew Mathias, chief investment officer for SL Green. "By harvesting the embedded gains in our portfolio and recycling this organic capital into superior quality assets with better tenant credit profiles, we expect to generate long-term earnings growth."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
