NEW YORK CITY—SL Green Realty Corp. has completed the sale of Tower 45, a Midtown office building located at 120 W. 45th St., for $365 million or approximately $830 per square foot. Richard Baxter of JLL and Darcy Stacom of CBRE represented SL Green on this transaction.
The city's largest office landlord had announced plans to make the sale—for the price at which the transaction ultimately closed—earlier this summer. At that time, an SL Green spokesman declined to name the buyer and he declined GlobeSt.com's request for further comment on the sale's closing at press time. However, industry data sources report that the buyer was Kamber Management Co.
The 440,000-square-foot Tower 45 was acquired by SL Green in 2007 as part of the merger with Reckson Associates. Subsequently, the company executed a significant capital improvement program that successfully repositioned the property. Tower 45 is currently over 96% leased. Tenants include D. E. Shaw & Co., Bobby Van's Steakhouse, Hillary Clinton's presidential campaign office, Keller Graduate School.
As revealed this summer, SL Green sold the property—along with most of its interest in 131-137 Spring St. in SoHo>—in order to raise funds for the acquisition of 11 Madison Ave.
Says SL Green president Andrew Mathias on the sales, “After re-positioning both of these assets to unlock additional value, we will realize in excess of $400 million of net cash proceeds from these transactions, which were executed at a blended cap rate of 3.3%.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
