Search
 

SL Green Consolidates With SITQ in Times Square

NEW YORK CITY-The $1.21 billion transaction is a move by both companies to merge assets and strengthen interests at this popular Times Square site.

By Jacqueline Hlavenka | Updated on April 28, 2011

NEW YORK CITY-In its latest joint venture, SL Green Realty Corp. consolidated full ownership at 1515 Broadway in Times Square, buying out SITQ’s interest in the building. The company confirms value of its combined interests at $1.21 billion. A spokesperson for SL Green tells GlobeSt.com that SL Green previously carried a 68.45% share in the building–approximately $828.2 million–while SITQ held a 31.55% piece, or approximately $381.7 million, calculated based on percentages provided by SL Green.

While both parties would not comment on any other potential joint ventures in the works, SL Green President Andrew Mathias notes in a press statement that the company “looks forward to joining SITQ in making future investments,” describing the 1.75 million square foot, 54-story office skyscraper as one of their “premier assets” which they “expect to own for many years to come.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.