Since acquiring the building, SL Green has repositioned the asset as a key Grand Central address for small office users and in doing so has retenanted the asset, leasing it up to 100% occupancy. Andrew Mathias, president and CIO of SL Green, says in a prepared statement that this transaction, as well as the locally based firm's recent $285-million refinancing for the retail condominium at 717 Fifth Ave., demonstrate SL Green's ability to attract capital even in today's anemic lending environment.
According to MrOfficeSpace.com, the building has an asking rent of $58 per sf. SL Green sources did not return GlobeSt.com queries for further information by deadline.
"During one of the most illiquid financing markets on record, we were pleased to have been able to successfully generate $160 million of corporate capital with these strategic refinancings within our core Midtown office and retail portfolios," Mathias says. "With this additional capital added to our reserves, we now have approximately $850 million of cash and other immediately available capacity to deploy opportunistically and we have eliminated a substantial portion of our near term debt maturities."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
