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NEW YORK CITY-SL Green Realty Corp. has recapitalized 1250 Broadway due to the property's jump in value. In 2001, when SL Green and SITQ, a subsidiary of the Caisse de depot et placement du Québec, formed a joint venture, the property was valued at $126.5 million. Now, the class A building, which sits on Broadway at 31 Street, is worth $260 million, according to the company's release.
It is estimated that SL Green's economic stake at 1250 Broadway increased from 55% to 67.5%.
Marc Holliday, president and CEO of SL Green says, in the release, "At 1250 Broadway, a targeted renovation program and intensive leasing campaign allowed the partnership to create substantial embedded value in the asset." The building was recently renovated to add a new lobby, windows, outdoor plaza and elevator cabs.
The 670,000 sf property is currently 98.6% occupied. In 2005 the Visiting Nurse Services of New York leased 300,000 sf of space in the building, becoming the largest tenant in the building.
1250 Broadway is the third recapitalization SL Green and SITQ have conducted. The firms also recapitalized One Park Avenue, and 1515 Broadway, as reported by GlobeSt.com.
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