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NEW YORK CITY- SL Green Realty Corp., a New York-based office real estate investment trust, has sold 315 West 33rd St., and an undeveloped parcel of land with a gross valuation of $446.5 million, or approximately $906 per square foot, to an affiliate of Brookfield Asset Management. The transaction is slated to close in the second quarter of 2020, subject to customary closing conditions.
"This sale is another example of SL Green's commitment to strategically divest of non-core assets and accretively redeploy the capital into our ongoing share repurchase program," said David Schonbraun, co-chief investment officer, in a prepared statement. "The transaction also serves to demonstrate the continued strong demand for high-quality Manhattan assets."
In 2013, SL Green acquired the 36-story, 492,987-square-foot building, dubbed "The Olivia." The mixed-use property includes 333 residential units with over 96 percent occupancy and 270,132 square feet of commercial space, which is 100 percent occupied. Commercial tenants include AMC Theater, Music Choice and Landmark Education.
Darcy Stacom of CBRE represented SL Green.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
