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SL Green Sells a Duo of Manhattan Assets

NEW YORK CITY—As part of a fundraising campaign to generate support for its acquisition of 11 Madison Ave., the REIT is walking away from a Midtown office building and the lion's-share of its holdings at a mixed-use complex in Soho.

By Rayna Katz | Updated on July 13, 2015

NEW YORK CITY—Freeing up capital for other projects, SL Green Realty Corp. has announced two transactions with a total value of nearly $643 million. The REIT is selling an office tower in Midtown while in SoHo it has formed a joint venture on a mixed-use asset it owned in order to sell a controlling interest in that property to its new partner.

Tower 45, the office building at 120 W. 45th St., is being sold for about $365 million—or approximately $830 per square foot—in order for SL Green to gain funds for the impending acquisition of 11 Madison Ave. A spokesman for the firm declined to name the proeprty’s buyer. Richard Baxter of JLL and Darcy Stacom of CBRE represented SL Green on this transaction.

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