SL Green, Wachovia JV on 1372 Broadway

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NEW YORK CITY-SL Green Realty Corp. has completed a 10-year lease agreement at 1372 Broadway with Wal-Mart Stores East LP. The retailer will occupy the entire second floor and second floor mezzanine, comprising a total of 46,103 sf, for executive offices. SL Green also closed on a joint-venture partnership with Wachovia Corp., where Wachovia will own an 85% interest in the property based upon a gross aggregate price of $335 million, or $660 per sf.

The property was formerly wholly owned by SL Green. Located in Times Square South, on Broadway between 37th and s8th Streets, 1372 Broadway is a 21-story property, containing 534,000 of rentable sf. The building was fully renovated by SL Green in 1999 and features a new lobby with entrances on Broadway and 38th Street and new elevator cabs.