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SL Green, PREI JV on Office Condos

NEW YORK CITY—The partnership is picking up units at Tower 46, a Midtown building spanning nearly 350,000 square feet.

By Rayna Katz | Updated on December 08, 2014

NEW YORK CITY—SL Green Realty Corp. has formed a joint venture with Prudential Real Estate Investors for the ownership of office condominium units at Tower 46 (55 W. 46th St). The units consist of 347,000 square feet with office space on floors two and 22 to 34, while there’s also retail space at grade on 46th street.

SL Green announced its acquisition of the Class A asset—constructed in 2013 as the International Gem Tower—for $295 million this past September and completed the transaction in October. A fund managed by PREI on behalf of institutional investors now owns a 75% stake under the terms of the new joint venture announced today, with SL Green keeping 25% ownership and retaining management and leasing responsibilities.

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