SL Green Hangs For-Sale Sign on 1250 Broadway

NEW YORK CITY-Locally based SL Green Realty Corp., who over a year ago recapitalized 1250 Broadway due to the property’s jump in value, now hopes to sell the 770,000-sf 39-story building. In 2001, when SL Green and SITQ, a subsidiary of the Caisse de depot et placement du Québec, formed a JV, the property was valued at $126.5 million. In October 2006, the class A building was worth $260 million, and now the owner hopes it will fetch $350 million.

Cushman & Wakefield has been tapped to handle the marketing efforts for the property, a spokesperson confirmed to GlobeSt.com. Richard Baxter, who is handling the marketing of the sale, along with Ron Cohen, Scott Latham and Jon Caplan, tells GlobeSt.com that SL Green is repositioning the property. Baxter notes that the property is 99% occupied at this time; however, 30% of the building is rolling over within the next five years.

The building went on the market only yesterday, Baxter confirms to GlobeSt.com, adding that he expects many buyers to show interest. Market rents are about $60 per sf in the area, however the asking rents in the building are in the mid-$30s.