NEW YORK CITY-SL Green Realty Corp., the city’s largest publicly-traded office REIT, kicked off the new year with its first major buy: the HarperCollins Building in Manhattan’s Plaza District. The property, located at 10 E. 53rd St., traded for $252.5 million, or approximately $647 per square foot.
The transaction follows a year of big deals for the REIT, which included acquisitions like 180 Maiden Lane, a consolidation of ownership at 1515 Broadway and a refinancing at 3 Columbus Circle. Under its latest deal, SL Green is planning a capital improvement program for the 37-story, 390,000-square-foot building, which is 91% occupied.
The REIT has entered into a joint venture agreement with an institutional partner to complete the renovations, and will hold a 55% stake in the venture and act as general partner. A spokesman for SL Green declined to disclose the partner to GlobeSt.com.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
